CCI clears Phoenix Parentco's acquisition of Parexel International Corporation

Competition Commission of India (CCI) on Monday approved acquisition of Parexel International Corporation by Phoenix Parentco Inc.

Headquartered in the US, Paraxel provides biopharmaceutical outsourcing services to biopharmaceutical companies.

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The proposed transaction pertains to acquisition of 100 per cent of the equity shareholding of Parexel International, according to a notice filed with the regulator.

"Commission approves acquisition of Parexel International Corporation by Phoenix Parentco, Inc," the watchdog said in a tweet on Monday.

Phoenix Parentco is a special purpose investment vehicle that operates solely as an investment holding company. It is jointly controlled by EQT Fund Management S.? r.L. And The Goldman Sachs Group Inc.