CCI Approves Acquisition Deals Involving WeWork India and Embassy Buildcon

 

The Competition Commission of India (CCI) has given its nod to two significant acquisition deals involving WeWork India Management Private Limited (WeWork India) and Embassy Buildcon LLP (Embassy Buildcon).

The approved transactions involve a two-step process:

Step 1: The acquisition of certain share capital of WeWork India by Real Trustee Advisory Company Private Limited (Real Trustee), acting as trustee for Volrado Venture Partners Fund II (Volrado II) and Volrado Venture Partners Fund III - Beta (Volrado III), along with other independent co-acquirers. This acquisition will be conducted on a fully diluted basis and involves purchasing shares from Embassy Buildcon.

Step 2: The acquisition of 100% share capital of 1 Ariel Way Tenant Limited (OAW) by Embassy Buildcon from WeWork International Limited (WeWork International). This move will result in Embassy Buildcon indirectly holding share capital of WeWork India through OAW and maintaining a majority shareholding in WeWork India on a fully diluted basis.

Real Trustee acts as the trustee for Volrado Ventures, which includes SEBI-registered alternative investment funds (AIFs). Specifically, Volrado II is a SEBI-registered Category I AIF, and Volrado III is a SEBI-registered Category II AIF.

Embassy Buildcon, a limited liability partnership based in India, is actively engaged in the real estate sector, focusing on the development of residential and commercial properties, alongside other related activities.

WeWork India, a private limited company registered in India, specializes in operating flexible workspaces and providing digital real estate workplace solutions for various companies.

OAW currently holds the shares of WeWork India on behalf of WeWork International, facilitating the restructuring of shareholding through these acquisitions.

The CCI's approval of these acquisitions is expected to bolster the operational capabilities and market presence of WeWork India, ensuring continued growth and development in the flexible workspace sector.