The Competition Commission of India (CCI) has approved the acquisition of certain stake in Vodafone Group PLC by Vega SAS. The Proposed Combination envisages acquisition of 16.2% of the issued share capital in Vodafone Group PLC (Target) by Vega SAS (Acquirer).
The Acquirer is a holding company and a wholly-owned subsidiary of Maya SAS, a simplified joint-stock company incorporated under the laws of France. It is involved in the design, development, maintenance, operation, management or marketing of any systems, equipment, networks or services in the fields of telecommunications, internet, information technology, telematics and communications, including installation and operation of electronic communications networks.
The Acquirer, by itself, does not have any business presence or business activity in India, and business activities are undertaken by its Relevant Affiliates.
The Target is a European and African telecommunications company, which provides fixed and mobile services across Europe and Africa. The majority of the Target’s revenues are generated by core connectivity products and services. However, its portfolio also includes digital services, Internet of Things services, and financial services. In India, the Target is present through Vodafone Idea Limited.