The Competition Commission of India (CCI) approves acquisition of shares in Sutherland Global Holdings Inc. by Coral Blue Investment Pte. Ltd.

The proposed combination pertains to the acquisition of Series C Preferred Stock convertible to common stock of Sutherland Global Holdings Inc. (Sutherland) in two tranches by the Coral Blue Investment Pte Ltd. (GIC Investor) subject to the fulfilment of relevant conditions.

GIC Investor is wholly-owned by GIC Blue Holdings Pte. Ltd., an entity which is in turn wholly-owned by GIC (Ventures) Private Limited. GIC Investor is a special purpose vehicle organized as a private limited company in Singapore. It is part of a group of investment holding companies managed by (i) GIC Special Investments Private Limited, which is wholly-owned by GIC Private Limited and (ii) the Integrated Strategies Group of GIC.

Sutherland is a privately held holding company, incorporated in the United States of America. Sutherland operates as a holding company and is a global information technology service provider specializing in the provision of integrated business process outsourcing (BPO), business transformation, cloud, back office, and front office services, business process and technology management services. It operates through four indirect subsidiaries in India i.e., (i) Sutherland Global Services Private Limited; (ii) Sutherland Development Company Private Limited; (iii) Adventity Global Services Private Limited; and (iv) Sutherland Healthcare Solutions Private Limited.

Detailed order of the CCI will follow.

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RM/KMN