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India: Regulator clears Amazon’s stake buy in Quess

 |  September 9, 2019

Fair trade regulator Competition Commission of India has cleared the acquisition of equity share capital of Quess by Amazon.com. Quess in a regulatory filing on July 12 had stated its board has approved the issuance of over 754 thousand equity shares to Amazon.com,

The regulator in a tweet on Monday, September 9, wrote it “approves acquisition of 0.51 percent of the equity share capital of Quess Limited by Amazon.com NV Investment.”

“The proposed transaction involves the acquisition of a minority non-controlling investment by the acquirer, undertaken solely as an investment in the ordinary course of its business,” according to a combination notice filed with the CCI.

Amazon.com NV Investment is an “investment holding company which is globally engaged in the business of making investments and is also registered as a foreign portfolio investor in India,” the notice added.

Full Content: Bloomberg

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