Stock Report

CCI approves proposed combination involving Google International LLC and Bharti Airtel Limited

Posted On : 2022-07-01 08:04:15( TIMEZONE : IST )

Google International LLC (Acquirer) is a wholly owned subsidiary of Google LLC, (collectively with all Google LLC subsidiaries, "Google"). Google LLC is a Delaware limited liability company and wholly owned subsidiary of Alphabet Inc. The Acquirer is a holding company and does not own / operate any of Google's products/ services. Google, however, offers various products and services, including its flagship search service, its Android operating system, and its Play app store.

Bharti Airtel Limited (BAL/ Target), headquartered in India, is an international communications solutions provider with over 480 million customers in 17 countries across South Asia and Africa. BAL's retail portfolio includes, amongst others, high speed mobile broadband, Airtel Xstream Fiber, streaming services (music and video), digital payments and financial services. For enterprise customers, BAL offers solutions including secure connectivity, cloud and data centre services, cyber security, IoT, advertising services, and cloud-based communication.

The Acquirer and Target have executed an Investment Agreement (IA) per which the Acquirer proposes to acquire a minority and non-controlling stake of 1.28% of equity share capital in the Target. Along with the IA, the Acquirer and the Target through their affiliates have also entered into certain commercial deals. The Parties also intend to enter into certain other commercial arrangements in future.

The Commission approved the proposed combination on the basis of modifications offered by the Acquirer.

Shares of Bharti Airtel Limited was last trading in BSE at Rs. 683.90 as compared to the previous close of Rs. 687.50. The total number of shares traded during the day was 184651 in over 5491 trades.

The stock hit an intraday high of Rs. 691.45 and intraday low of 679.35. The net turnover during the day was Rs. 126260094.00.