New Delhi, the Competition Commission of India (CCI) on Tuesday approved Singapore’s sovereign wealth fund Temasek and Apax Partners to acquire an additional stake in Thoughtworks Holding Inc. Thoughtworks is a global technology consultancy providing IT consultancy and application implementation and managed services.
“CCI approves the proposed combination involving the acquisition of an additional share in Thoughtworks Holding, Inc by AP Funds and Temasek,” the Commission said on X.
Global private equity consultancy Apax Partners (AP Funds) is acquiring a stake in Thoughtworks through its special purpose vehicle Tasmania Midco LLC. The London-based firm has raised and advised funds totaling nearly $80 billion.
The Apax Funds invest in companies across four global sectors: technology, services, healthcare and internet/consumer.
In August this year, Thoughtworks announced that it has entered into a definitive merger agreement under which an affiliate of funds advised by Apax Partners LLP will purchase shares of the company for a total enterprise value of approximately US$1.75 billion.
The deals above a certain threshold require approval from the regulator, which monitors unfair business practices and promotes fair competition in the market.
