The Competition Commission of India (CCI) approves (i) EQT AB’s (EQT) acquisition of Baring Private Equity Asia Group Limited (BPEA) including its subsidiaries (BPEA Group) and, to the extent not already owned by the BPEA Group, 100% of the general partner entities (GPs) (BPEA Group and GPs are collectively referred to as Target); and (ii) Jean Eric Salata Rothleder’s (BPEA Founder) acquisition of up to 9.9% of the equity shareholding of EQT, under Section 31(1) of the Competition Act, 2002

The Proposed Combination pertains to (i) an acquisition (including by way of merger) of all the shares and sole control by EQT, indirectly through one or more wholly owned subsidiaries, of the BPEA Group and, to the extent not already owned by the BPEA Group, control of the GPs which control each of the funds managed or advised by the BPEA Group (or its affiliates) and (ii) BPEA Founder acquiring up to 9.9% of the equity shareholding of EQT.

EQT is a purpose-driven global investment organisation focused on active ownership strategies. The EQT group comprises of EQT and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds and entities advising EQT funds.

The Target, dual-headquartered in Hong Kong and Singapore, is a pan – Asian private markets firm. The BPEA Group and its affiliates advise private equity funds active in several different markets, including technology, education, business services, manufacturing, logistics, healthcare and consumer sectors.

Detailed order of the CCI will follow.

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RM/MV/KMN