CCI approves proposed deal involving Eros Plc, STX, Marco

The Competition Commission on Wednesday said it has approved the proposed deal involving Eros International Plc, STX Filmworks Inc and Marco Alliance Ltd. Listed on the New York Stock Exchange, Eros is an Indian entertainment company that acquires, co-produces, and distributes films.

The Competition Commission on Wednesday said it has approved the proposed deal involving Eros International Plc, STX Filmworks Inc and Marco Alliance Ltd. Listed on the New York Stock Exchange, Eros is an Indian entertainment company that acquires, co-produces, and distributes films. It also owns and operates the over-the-top platform 'Eros Now'.

STX is a global media company and has an indirect presence in India by way of licensing of certain films to Indian distributors. Marco is an investment holding company which is controlled by HonyCapital. Under the two-step transaction, an indirectly wholly-owned subsidiary of Eros will merge into STX. Then, Hony Group, through Marco, will subscribe to certain shares of the merged entity. Marco is an existing investor in STX.

"With the completion of the transaction, it is expected that Eros, STX and Marco will directly or indirectly acquire an economic and voting interest along with certain other rights, in the combined entity," an official release said on Wednesday. The proposed transaction has been cleared by the Competition Commission of India (CCI), which keeps a tab on unfair business practices in the market place.