1. Wirecard-Citibank deal, 2 other transactions get CCI approval

Wirecard-Citibank deal, 2 other transactions get CCI approval

The Competition Commission has approved the acquisition of merchant acquiring business of Citibank by Wirecard and two other deals.

By: | New Delhi | Published: May 17, 2017 7:48 PM
Citibank, Wirecard-Citibank deal, CCI approval, Wirecard, COIC , credit cards, GE India Industrial Private Limited Citibank NA, headquartered in the US, offers consumer finance, credit cards, mortgage lending and retail banking products and services.

The Competition Commission has approved the acquisition of merchant acquiring business of Citibank by Wirecard and two other deals. In a tweet, the Competition Commission of India (CCI) said that it has approved the “acquisition of merchant acquiring business of Citibank by Wirecard”. While the acquirers in the transaction are Wirecard Acquiring & Issuing, Wirecard Sales International Holding, Wirecard Technologies and Wirecard India, the sellers are Citibank, NA and Citibank Overseas Investment Corporation (COIC).

Of the four Wirecard entities, Wirecard India is engaged in the business of transaction processing services for major banks in the country.

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Citibank NA, headquartered in the US, offers consumer finance, credit cards, mortgage lending and retail banking products and services. The COIC does not have any business operations of its own in India.

In another tweet, the fair trade regulator said that it has approved “acquisition of GE India Industrial Private Limited’s lighting business by VL India”.

VL India is engaged in the manufacturing and trading of lighting products and related accessories.

GE India Industrial Pvt Ltd has operations in various business segments including software, infrastructure, lighting products and oil and gas.

In a separate tweet, the CCI said that Integra’s acquisition of Codman Neurosurgery business owned DePuy has also been approved.

The US-based Integra is a global medical technology company. DePuy, a subsidiary of Johnson & Johnson, manufactures orthopaedic and neurological devices.

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