The Competition Commission of India has approved a combination involving Google International LLC’s proposed acquisition of a minority and non-controlling stake of 1.28 per cent of equity capital of Bharti Airtel Limited (target).
Google International (acquirer) is a wholly-owned subsidiary of Google LLC, which is a Delaware limited liability company and wholly owned subsidiary of Alphabet Inc.
“The CCI approved the proposed combination on the basis of modifications offered by the acquirer,” an official release said.
Along with the investment agreement, the acquirer and the target through their affiliates have also entered into certain commercial deals. The parties also intend to enter into certain other commercial arrangements in future, the release added.
The acquirer is a holding company and does not own / operate any of Google’s products/ services. Google, however, offers various products and services, including its flagship search service, its Android operating system, and its Play app store.
New Delhi-headquartered Bharti Airtel is an international communications solutions provider with over 480 million customers in 17 countries across South Asia and Africa.
BAL’s retail portfolio includes, amongst others, high speed mobile broadband, Airtel Xstream Fiber, streaming services (music and video), digital payments and financial services. For enterprise customers, BAL offers solutions including secure connectivity, cloud and data centre services, cyber security, IoT, advertising services, and cloud-based communication.