SUMMARY OF THE PROPOSED COMBINATION
[UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION
OF INDIA (COMBINATIONS) REGULATIONS, 2024]
a)
Name of the parties to the combination
1.
The parties to the combination are:
a.
Capital Square Partners Management Pte. Ltd.;
b.
One Holdings (Guernsey) Limited and One Equity Holdings Limited;
c.
LHF Holdings Limited;
d.
Mr Martin Roe;
e.
Mr Mark Chana;
f.
CCI
Consulting
FZCO
and
CCI
Enterprises
FZCO
(collectively, “CCI Entities”); and
g.
Stockholm Parent LLC (“Stockholm Parent”).
The abovementioned are collectively referred to as the “Parties”.
b)
The nature and purpose of the combination
2.
The proposed transaction relates to the combination of the business
operations of Startek Inc. (“Startek”) and the CCI Entities
("Proposed Combination”). It is being undertaken through multiple
steps and requires notification under Section 5(d) of the Competition
Act, 2002 (as amended) (“Act”).
3.
Through the Proposed Combination, Startek will receive a strategic
opportunity to grow its business, particularly in Africa (including
South Africa), through access to the established international
clientele of the CCI Entities.
c)
The products, services and business(es) of the parties to the
combination
4.
Stockholm Parent is the holding company of Startek with no
business operations of its own. Startek is a Delaware-incorporated
private company which offers Customer Experience (“CX”)
management and Customer Relationship Management (“CRM”)
services. Stockholm Parent and Startek belong to the Capital Square
Partners (“CSP”) group which has investments across technology,
media and telecommunications, healthcare, consumer and business
service, and education sectors, in South and Southeast Asia,
including India.
5.
The CCI Entities are free zone companies, headquartered in United
Arab Emirates, which are engaged in the provision of CX
management and CRM services. The shareholders of the CCI
Entities (up to their ultimate controlling parents) do not have any
business operations or physical presence in India.
d)
The respective markets in which the parties to the combination
operate
6.
The Proposed Combination does not give rise to any horizontal
overlaps, vertical linkages, or complementary relationships in any of
the plausible relevant markets in India.
7.
Accordingly, the Proposed Combination is eligible for approval under
the green channel route as per Section 6(4) of the Act read with Rule
3 of the Competition (Criteria of Combination) Rules, 2024.
