CCI approves acquisition of Micro Life Sciences Private Limited by South Elm Investments B.V.

The Competition Commission of India (CCI) approves acquisition of Micro Life Sciences Private Limited by South Elm Investments B.V.

The proposed combination pertains to the proposed acquisition of minority stake in Micro Life Sciences Private Limited (Micro Life/ Target) by South Elm Investments B.V. (SEI/ Acquirer).

SEI is an investment holding company incorporated under the laws of Netherlands. The shareholders of SEI are certain private equity funds managed by Warburg Pincus LLC.

Target is a company incorporated in India, which is primarily engaged in the following business activities in India along with subsidiaries: manufacture and sale of (a) medical devices in various categories such as stents, Percutaneous Transluminal Coronary Angioplasty catheters, heart valves, orthopedic implants, and endo-surgery products (such as sutures, staplers, meshes and intrauterine devices); (b) in-vitro diagnostics analyzers and reagents; and (c) over the counter (OTC) products like products COVID self-test kits and pregnancy test kits, in India. The Target (through its subsidiaries) is engaged in the B2C sale of certain specialized medical devices (such as surgical robots and ultrasonic energy devices) to hospitals and has research and development (R&D) facilities for in-vitro diagnostic, orthopedic, endo-surgery and cardiovascular solutions.

Detailed order of the CCI will follow.