CCI approval for Vega SAS to acquire stake in Vodafone Group

The Competition Commission of India (CCI) has approved the proposal for Vega SAS to acquire a certain stake in Vodafone Group PLC. According to a PIB report, under this proposed combination, Vega SAS (the acquirer) will purchase a 16.2% stake in the issued share capital of Vodafone Group PLC (the target company).

The acquiring company, Vega SAS, is a holding company. It is a wholly-owned subsidiary of Maya SAS, a simplified joint stock company incorporated under the laws of France. Vega SAS is engaged in the design, development, maintenance, operation, management or marketing of various systems, equipment, networks or services in the fields of telecommunications, internet, information technology, telematics and communications. This also includes the establishment and operation of electronic communication networks.

According to PIB, Vega SAS has no business presence or business activity of its own within India. Its business activities are carried out through its related affiliate companies.

On the other hand, the target company Vodafone Group PLC is a European and African telecommunications company. It provides fixed and mobile services in Europe and Africa. The majority of the company's revenue is generated through core connectivity products and services. However, its portfolio also includes digital services, Internet of Things services and financial services. The target company has a presence in India through Vodafone Idea Limited.