CCI approves acquisition of Tenneco by Pegasus under green channel route

The Competition Commission of India (CCI) has approved the proposed acquisition of Tenneco Inc by Pegasus Holdings III, LLC -- an affiliate of Apollo Global Management -- under the green channel route.

Under the green channel route, a deal that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on it being intimated to the competition watchdog.

In a release on Thursday, CCI said it has approved the proposed deal.

The combination involves the acquisition of the entire shareholding of Tenneco by Pegasus.

The transaction will also result in the indirect acquisition of Tenneco's Indian subsidiary Federal-Mogul Goetze (India) Ltd (a listed company) by the acquirer.

''Given that there are no horizontal overlaps, vertical relationships, or complementary businesses between acquirer/acquirer's group and target in India, the proposed transaction does not raise any risk of an appreciable adverse effect on competition in India and is being notified under the green channel route,'' CCI said.

Pegasus is an investment vehicle and a controlled affiliate of the investment funds (Apollo Funds). The latter is affiliated with New York-based Apollo Global Management Inc.

Tenneco is a Delaware-based corporation that supplies components for motor vehicles worldwide.

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