The Competition Commission of India (CCI) has  approved the acquisition of Citrix Systems, Inc. (Citrix) by funds managed by Vista Equity Partners Management, LLC (Vista) and funds and investment vehicles managed by Elliott Investment Management L.P. (Elliott)

The proposed combination relates to acquisition of Citrix by funds managed by Vista and funds and investment vehicles managed by Elliot approved by the Commission in its meeting held on 17^th June, 2022. The proposed combination will be implemented pursuant to an Agreement and a Plan of Merger entered into and among Citrix, Picard Parent, Picard Merger Sub, Inc. (a wholly owned subsidiary of Picard Parent) and TIBCO Software Inc. (TIBCO). Specifically, TIBCO, a Vista controlled portfolio company will combine with Citrix, and Vista and Elliott will ultimately acquire joint control of the combined Citrix/TIBCO business.

The names of the parties to the combination are:

(a) Elliott Alto Aggregator GP LLC (Elliott Aggregator)

(b) Picard Parent, Inc (Picard Parent);

(c) Picard HoldCo LLC (Holdco); and

(d) Citrix Systems, Inc. (Citrix).

Vista and Elliott have been collectively referred as Acquirers. The Acquirers and Citrix are collectively referred to as the Parties.

Vista is a US-based investment firm focused on empowering and growing enterprise software, data and technology-enabled businesses. Vista controls a number of portfolio companies that are active in the provision of IT services such as the provision of business software.

Elliott is a US-based investment firm whose flagship fund, Elliott Associates, L.P., was founded in 1977. Elliott employs a multi-strategy trading approach that encompasses a broad range of strategies, including, without limitation: equity-oriented, private equity and private credit, distressed securities, non-distressed debt, hedge/arbitrage, real estate-related securities, commodities trading and portfolio volatility protection.

Citrix is a multinational enterprise software company headquartered in Florida, United States of America. Citrix is focused on helping organisations deliver a consistent and secure work experience. Citrix delivers a digital workspace solution that provides unified, reliable and secure access to all work resources (apps, content, etc.) and simplifies work execution and collaboration across every work channel, device, and location. Broadly, Citrix is mainly active in (i) desktop virtualization space, (ii) workspace solutions, and (iii) networking and IT security software.

RM/MV/KMN

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