CCI approves investment by CPPIB, Multiples PE in Acko Technology
1 min read 26 May 2023, 01:49 PM ISTThe proposed deal involves the acquisition of additional Series E compulsorily convertible preference shares of Acko Technology by Multiples Private Equity Fund III and CPP Investment Board Private Holdings
PremiumNew Delhi: The Competition Commission of India (CCI) on Friday cleared the deal involving the acquisition of securities of Acko Technology & Services by a subsidiary of Canada Pension Plan Investment Board, and Multiples Private Equity Fund III.
In a tweet on Thursday, CCI said it has approved the “acquisition of additional Series E CCPS (compulsorily convertible preference shares) of Acko Technology & Services Private Limited by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc".
CPP Investment Board Private Holdings (4) Inc is a wholly-owned subsidiary of the Canada Pension Plan Investment Board (CPPIB), while Multiples Private Equity Fund III is a Sebi-registered Alternative Investment Fund (AIF).
Acko Technology offers a range of services, including technology outsourcing, data processing, and the development of information technology products. It is also involved in providing comprehensive damage protection plans for electronic devices and facilitating the sale and purchase of vehicles through its platform, ‘Acko Drive’. The company’s affiliates are engaged in the non-life insurance business in India.
The financial details of the transaction were not disclosed.
