ADIA seeks CCI nod to acquire minority stake in Micro Life Sciences

New Delhi, Jul 24 (PTI) Abu Dhabi's sovereign wealth fund ADIA has sought approval from the Competition Commission of India (CCI) to acquire a 3 per cent stake in medical devices firm Micro Life Sciences Pvt Ltd (Meril) in a USD 200 million deal.
    The development came after a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) on Monday said it has entered into definitive agreements to invest USD 200 million for a 3 per cent stake in Meril.
    ADIA, through its affiliate Platinum Jasmine A 2018 Trust (acting through its trustee Platinum Owl C 2018 RSC Ltd), is acquiring a stake in Gujarat-based Meril.
    "The acquirer (Platinum Jasmine A 2018 Trust) proposes to subscribe to certain equity shares proposed to be issued by the target (Micro Life Sciences) and acquire certain equity shares of the target from Bilakhia Holdings Pvt Ltd, amounting to approximately 3.06 per cent shareholding in the target," according to a notice filed with the CCI on Wednesday.
    Platinum Jasmine A 2018, Trust and Micro Life Sciences said the proposed transaction does not have any impact on any relevant market in India, let alone any appreciable adverse effect on competition, and therefore, the definition of the relevant product and geographic market may ultimately be left open.
    Following the transaction, ADIA said this investment values the firm (MERIL) at an enterprise value of USD 6.6 billion.
    Founded by the Bilakhia Group, Meril is a global innovator in medical technology with a focus on clinically advanced solutions across multiple specialities, including cardiovascular, structural heart, orthopaedics, endo-surgery, in-vitro diagnostics and surgical robotics.
    Headquartered in Vapi, Gujarat, Meril employs more than 13,000 people, has over 35 global subsidiaries, and serves healthcare systems in around 150 countries.
    "This investment will enable us to accelerate growth, attract world-class talent, and further strengthen our...clinical research efforts as we work towards improving the quality of human life through advanced healthcare solutions," Sanjeev Bhatt, Senior Vice President - Strategy at Meril, said.
    Established in 1976, ADIA is a globally diversified investment institution that prudently invests funds on behalf of the Abu Dhabi government through a strategy focused on long-term value creation.

(This story has not been edited by THE WEEK and is auto-generated from PTI)