CCI Approves Temasek, Apax Stake Buy in Thoughtworks

New Delhi, Oct 29 (PTI) The Competition Commission of India (CCI) on Tuesday cleared Singapore's sovereign wealth fund Temasek and Apax Partners' proposal to acquire an additional stake in Thoughtworks Holding Inc.

Thoughtworks is a global technology consultancy company providing IT consultancy and application implementation and managed services.

"CCI approves the proposed combination involving the acquisition of an additional shareholding in Thoughtworks Holding, Inc by AP Funds and Temasek," the Commission said on X.

Global private equity advisory firm Apax Partners (AP Funds) through its special purpose vehicle Tasmania Midco LLC is acquiring a stake in Thoughtworks. The London-headquartered firm has raised and advised funds with aggregate commitments of almost USD 80 billion.

The Apax Funds invest in companies across four global sectors of tech, services, healthcare and internet/ consumer.

In August this year, Thoughtworks announced that it has entered into a definitive merger agreement pursuant to which an affiliate of funds advised by Apax Partners LLP will purchase shares of the company for a total enterprise value of approximately USD 1.75 billion.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.