CCI approves acquisition of Citrix Systems by Vista Equity Partners and Elliott Investment Management

The Competition Commission of India (CCI) has approved the proposed acquisition of Citrix Systems Inc. by funds managed by Vista Equity Partners Management LLC and Elliott Investment Management LP, an official statement said on Tuesday.

The proposed combination involves acquisition of Citrix Systems by funds managed by Vista Equity Partners Management LLC and funds and investment vehicles managed by Elliott Management LP approved by the commission in its meeting held on June 17, 2022, the Finance Ministry said in the statement.

The combination will be implemented pursuant to an agreement and a plan of merger entered into and among Citrix, Picard Parent, Picard Merger Sub Inc. (a wholly-owned subsidiary of Picard Parent) and TIBCO Software Inc, the Finance Ministry said.

In January, an agreement and plan of merger was entered among Citrix Systems Inc, Picard Parent, Picard Merger Sub, Inc (a wholly-owned subsidiary of Picard Parent) and TIBCO Software Inc.

TIBCO, a Vista-controlled company, will combine with Citrix, and Vista and Elliott will acquire joint control of the combined business of Citrix/TIBCO.

Citrix is being bought by Vista Equity Partners and Evergreen Coast Capital, an affiliate of Elliott Investment Management. TIBCO has been owned by Vista Equity Partners since 2014.

Vista is a US-based investment firm focused on empowering and growing enterprise software, data and technology-enabled businesses.

Elliott is a New York-based private investment firm that invests in companies across many industries.

Citrix is a Florida-based multinational enterprise software company.

Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

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