Competition watchdog CCI has cleared French billionaire Xavier Niel's proposal to acquire a 16.2 per cent stake in Vodafone Group Plc.
Niel, who founded the telecom company Iliad, is acquiring the stake through his family investment vehicle Vega SAS. The latter is a wholly-owned subsidiary of Maya SAS, a simplified joint-stock company incorporated under French law.
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"The proposed combination envisages acquisition of 16.2 per cent of the issued
share capital in Vodafone Group Plc (target) by Vega SAS (acquirer)," the Competition Commission of India (CCI) said in a release on Friday.
Vega SAS has no business presence or business activity in India, while Vodafone provides fixed and mobile services through Vodafone Idea Ltd in the country.
The UK-based Vodafone Group is a European and African telecommunications company.
The fair trade regulator, CCI, said it has approved the proposed deal.
"Commission approves acquisition of 16.2 per cent of the issued share capital in Vodafone Group PLC by Vega SAS," the regulator said in a post on X.
In July, Vega announced that it had entered into a binding agreement with Emirates Telecommunications Group Co PJSC for the acquisition of around a 16.2 per cent stake in Vodafone Group Plc, for a total cash consideration of about 4.4 billion pounds (5.1 billion euros).
Vega was established solely to hold shares in Vodafone and will become Vodafone's largest shareholder after the transaction closes.
In recent years, Vodafone has restructured its business, including selling its Italian and Spanish operations and its 50 per cent stake in its Dutch joint venture, as well as merging with Three to create the UK's largest mobile operator.
Deals beyond a certain threshold require approval from the regulator, which keeps a watch on unfair business practices as well as promotes fair competition in the marketplace.
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