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Competition Commission of India (CCI) approved the proposed stake acquisitions by Blackstone and TPG in Busybees Logistics Pvt Ltd.
Competition Commission of India (CCI) has approved the proposed stake acquisitions by Blackstone and TPG in Busybees Logistics Pvt Ltd.
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Busybees is engaged in the business of providing logistics and delivery solution services in the country under the brand name 'Xpressbees'.
In separate releases on Wednesday, CCI said it has cleared the stake purchases by Blackstone and TPG Capital in the company. BXG Xenon HoldCo Ltd, controlled by funds advised and/ or managed by affiliates of Blackstone Inc, will acquire a stake in Busybees.
The acquirer is a newly incorporated entity and at present does not have any business operations. Blackstone is a global alternative asset manager.
Besides, the regulator has given its nod to TPG Growth V SF Markets Pte Ltd (TPG SF) to acquire around 7 percent shareholding in Busybees. TPG SF is majority owned and controlled by certain affiliates of TPG, Inc. TPG Group is an investment firm.
Deals beyond a certain threshold require the approval of CCI, which keeps a tab on unfair business practices in the market place.
E-commerce logisitics startup Xpressbees turns unicorn; bags $300 mn Series F round from Blackstone, TPG & ChrysCapital