The Competition Commission of India (CCI) approves the proposed combination in involving to acquisition of stake in Technip Energies B.V. by Bpifrance Participations S.A.
Pursuant to the Share Purchase Agreement dated 7th January 2021 between the TechnipFMC plc (Seller) and the Bpifrance Participations S.A. (Acquirer), the Acquirer will acquire a minimum of 11.82% of Technip Energies B.V.’s (Target) outstanding shares and a maximum of 17.25% of the Target’s outstanding shares (Proposed Combination). As a result of the Proposed Combination, the Acquirer will increase its shareholding in the Target to a stake of 14.07-20%
The Acquirer is indirectly jointly owned by EPIC Bpifrance and the CDC group (through Bpifrance S.A.). Acquirer is a public financial group of companies aimed at financing and developing companies operating in France. It invests, directly and indirectly, in companies, whether listed or not, from startups to large-cap companies, including using either its own funds or third parties’ funds to stimulate and consolidate the national economic base. It does not directly undertake any business activities in India.
The Target belongs to the TechnipFMC plc group. The Target is an engineering and technology company for the energy transition which offers a full range of design and project development services to its customers. It is engaged in the provision of EPC services and internal support services in India including design, engineering, consultancy, fabrication, supply, erection and commissioning of plants in the chemical, refining and petrochemical, polymer, oil and gas, fertilizers and other allied industries.
Detailed order of the CCI will follow.
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