This story was first published on the Benzinga India portal.
India's competition watchdog has approved the acquisition of WeWork India by Real Trustee Advisory Company and Volrado's funds. This comes after the CCI permitted WeWork to exit from its India unit on Tuesday.
What Happened: The CCI has sanctioned the acquisition of certain share capital of WeWork India Management Private Limited (WeWork India) by Real Trustee Advisory Company Private Limited (Real Trustee) and Volrado Venture Partners Fund II and III (Volorado Ventures), along with other independent co-acquirers, according to the Press Information Bureau.
Initially, certain share capital of WeWork India will be acquired by Real Trustee and Volrado Ventures from Embassy Buildcon, WeWork's parent. Following this, Embassy Buildcon will acquire 100% share capital of Ariel Way Tenant Limited (OAW) from WeWork International Limited, thereby indirectly holding the share capital of WeWork India through OAW.
Real Trustee is the trustee of Volrado Ventures, which are alternative investment funds. Embassy Buildcon, an Indian limited liability partnership, is involved in real estate development. OAW holds the shares of WeWork India on behalf of WeWork International.
WeWork India offers flexible workspaces and digital real estate workplace solutions for companies. WeWork Inc had 27.5% stake in the Indian unit.
