CCI approves J M Baxi Ports & Logistics, Hapag-Lloyd AG, Bain Capital deal
The Competition Commission of India (CCI) has approved the acquisition of a stake in J M Baxi Ports and Logistics Ltd by HL Terminal Holding B.V., a wholly owned subsidiary of Hapag Lloyd Aktiengesellschaft, CCI informed in an official communique.
As reported in late January this year, J M Baxi Ports & Logistics Ltd, Hapag-Lloyd AG and Bain Capital Private Equity affiliate signed a binding agreement under which Hapag-Lloyd will acquire the minority stake of Bain Capital Private Equity affiliate in J M Baxi Ports & Logistics, the flagship company of the J M Baxi Group. Hapag-Lloyd, as a strategic partner, will also subscribe to a capital raise by the company and will become a significant minority shareholder.
It was informed that Hapag-Lloyd AG will acquire 35% of J M Baxi Ports & Logistics Ltd (JMBPL) from Bain Capital Private Equity affiliate. Additionally, Hapag-Lloyd AG signed a binding agreement with JMBPL and its promoters to subscribe to a capital increase by the company and raise Hapag-Lloyd’s shareholding to 40%.
Source: Exim News Service: New Delhi, March 28