New Delhi, June 7, 2023 – The Competition Commission of India (CCI) has granted its approval for the acquisition of an additional stake in Acko Technology and Services Private Limited (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd. (GASACK), according to sources familiar with the matter.
The proposed combination involves GASACK, an investment holding company controlled by funds or vehicles managed by General Atlantic, acquiring an additional 4.04% shareholding in Acko Tech.
Acko Tech, through its subsidiary Acko General Insurance Limited (Acko GI), operates in the field of general (non-life) insurance. The company has gained prominence in the Indian insurance market for its innovative and customer-centric approach.
The CCI’s approval of the proposed combination is subject to the compliance of modifications jointly furnished by GASACK and GAP Bermuda, L.P. The modifications are in accordance with Regulation 19(2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.
The detailed order regarding the approval from the CCI is expected to be released soon, shedding more light on the conditions and considerations surrounding the acquisition.
General Atlantic Acko Acquisition to strengthen Indian Insurance Sector
General Atlantic’s interest in Acko Tech further strengthens its presence in the Indian insurance sector. The investment firm has a strong track record of backing technology-driven companies worldwide.
This acquisition is expected to provide Acko Tech with additional resources and expertise, enabling it to expand its operations and capitalize on the growing demand for innovative insurance solutions in India.
The approval from the CCI represents an important milestone in the transaction process and showcases the regulatory support for such partnerships in the Indian market.
