The Competition Commission of India (CCI) has approved the acquisition of additional shareholding of Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte. Ltd.

The Proposed Combination envisages acquisition of additional shareholding of Acko Technology & Services Private Limited (Target) by General Atlantic Singapore ACK Pte. Ltd. (Acquirer) on a fully diluted basis, crossing the threshold of 25%, pursuant to the Target’s Rights Issue.

The Acquirer is an investment holding company incorporated under the laws of Singapore. It is affiliated with a group of General Atlantic investment funds that provide capital and strategic support to growing businesses across several global sectors viz. technology, healthcare and life sciences, infrastructure and real estate, financial services, consumer, climate and sustainable infrastructure.

The Target is an Insure-tech private limited company incorporated in India. It has three (03) wholly owned subsidiaries in India, Assurelink, Acko General Insurance and Acko Life Insurance. Acko General Insurance and Acko Life Insurance are licensed general (non-life) and life insurance providers, respectively.

Assurelink is awaiting Corporate Agency License from IRDAI to engage in the business of distribution of insurance policies in India. Acko Tech also has investments in other entities.

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SR/ONP

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