360 ONE, Claypond Capital get CCI nod to acquire stakes in API Holdings

Fair trade regulator CCI on Tuesday approved wealth management entity 360 ONE and Claypond Capital Partners' proposal to jointly acquire stakes in digital healthcare platform API Holdings.

API Holdings provides healthcare services through its subsidiaries such as aknamed, Pharmeasy, Docon, Thyrocare, and Retailio.

The proposed transaction envisages 360 ONE to acquire certain class B compulsorily convertible preference shares (CCPS B) of API Holdings from its existing shareholder MEMG Family Office LLP (MEMG LLP), the regulator said.

MEMG LLP and Claypond Capital are engaged in consulting and advisory services and belong to the Pai Family Group.

The Competition Commission of India (CCI) has also cleared Claypond Capital Partners' proposal to acquire certain CCPS B of API Holdings from MEMG LLP.

"CCI approves the proposed acquisition of certain CCPS B of API Holdings by 360 ONE and Claypond Capital," the competition watchdog said in a release.

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.