Jurisdiction - India
India – CCI Approves TPG’s Acquisition In BPO Player, Sutherland Global.

12 September, 2014


On August 7, 2014, CCI approved the proposed acquisition of Sutherland Global Holdings Inc. (‘Sutherland’) by TPG SF VI Private Limited (‘TPG’).The proposed transaction involved the acquisition of 34.5% of the equity share capital of Sutherland on a fully diluted basis by TPG. As part of the transaction, Sutherland would issue convertible preference shares to TPG and also redeem certain equity shares from its current shareholders.

CCI noted that TPG is a private investment company which makes investments in companies across various industries in different jurisdictions, and that Sutherland is a global provider of BPO services. Although Sutherland had four indirect subsidiaries in India, CCI noted that none of them were engaged in activities similar to TPG’s portfolio companies. The existing vertical relationship between Sutherland and certain portfolio companies of TPG were also considered insignificant by CCI. Accordingly, CCI approved the proposed acquisition observing that it was not likely to cause an AAEC.




For further information, please contact:


Zia Mody, AZB & Partners
[email protected]


Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]


Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]


Aditya Bhat, AZB & Partners 
[email protected]

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