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Tiga Acquisition Corp. III acquires certain preferred stock and rights of Dream Sports Inc. from an existing shareholder. Tiga Acquisition Corp. III and Dream Sports Inc. notify the transaction to the Competition Commission of India under the green channel route. The transaction involves no horizontal overlaps, vertical linkages, or complementary business activities in India between the parties and their affiliates.
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SUMMARY OF THE COMBINATION
(Under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024)
(a) Tiga Acquisition Corp. III (Tiga / Acquirer).
(b) Dream Sports Inc. (DSI / Target).
Together, Tiga and DSI are referred to as the Parties.
The transaction pertains to the purchase by Tiga of certain preferred stock of DSI, along with certain rights, from an existing shareholder of DSI (the Proposed Transaction).
The Proposed Transaction is being notified to the Competition Commission of India (the Hon'ble Commission) as an acquisition of shares, voting rights and control of DSI under Section 5(a)(i) of the Competition Act, 2002, as amended (the Act).
(a) Tiga: Tiga is a company incorporated in the Cayman Islands as an exempted company and belongs to the Tiga group. It is a Singapore-based enterprise which is focused on making long-term investments in high-quality, differentiated businesses with strong management teams (including in the telecommunications, technology, mining, workplace solutions and social media networking industries in different countries).
(b) DSI: DSI is a company incorporated under the General Corporation Law of the State of Delaware in the United States of America. It primarily conducts its operations through its subsidiary in India, Sporta Technologies Private Limited (Sporta). Sporta, including through its group entities, is primarily involved in the provision of online gaming and allied digital engagement services in India.
The business activities undertaken by Tiga, its group entities (including the ultimate parent entity of the Acquirer as well as the various Tiga investment vehicles ultimately held by George Raymond Zage III and / or Ashish Gupta) and their affiliates that meet the materiality thresholds under the Notes to Form I issued by the Hon'ble Commission and Rule 3 of the Competition (Criteria of Combination) Rules, 2024 (the Materiality Thresholds) and have a presence in India on the one hand and DSI, its downstream group entities and their affiliates that meet the Materiality Thresholds and have a presence in India on the other do not have any: (a) horizontal overlaps; or (b) existing or potential vertical linkages; or (c) existing or potential complementary business activities, in India. Accordingly, it is not necessary to define the relevant market(s), which may be left open.
Since the Parties and their respective group entities and affiliates do not have any (a) horizontal overlaps; or (b) existing or potential vertical linkages; or (c) existing or potential complementary business activities in India, the Proposed Transaction is unlikely to cause any appreciable adverse effect on competition in India. It is therefore being notified to the Hon'ble Commission under the green channel route pursuant to Section 6(4) of the Act read with Regulation 5(5) of the Competition Commission of India (Combinations) Regulations, 2024 and Rule 3 of the Competition (Criteria of Combination) Rules, 2024.
