CCI approves Blackstone Group entity's 71.25 pc stake buy in ASK Investment Managers

The Competition Commission of India (CCI) on Monday gave its nod for the acquisition of over 71 per cent stake in ASK Investment Managers by a Blackstone Group entity.

The proposed combination envisages the acquisition of 71.25 per cent shareholding of ASK Investment Managers by BCP TopCo XII Pte Ltd, according to a combination notice filed with the regulator.

The acquirer is an affiliate of funds advised or managed by the affiliates of The Blackstone Group Inc.

ASK Investment Managers is an asset and wealth management company, the notice said.

"The proposed combination does not result in an appreciable adverse effect on competition in any market in India," it added.

"Commission approves acquisition of 71.25 per cent shareholding of ASK Investment Managers by BCP TopCo (Blackstone Group)," according to a tweet by the regulator.