1. Picard Parent Inc, 2. Elliott Alto Aggregator Gp Llc
Case brief
What is this about?
The Competition Commission of India approved a proposed acquisition of Citrix by funds managed by Vista and Elliott, finding it unlikely to cause an appreciable adverse effect on competition.
What did the court decide?
The Commission approves the Proposed Combination under Section 31(1) of the Act.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2022/04/919)
17 June 2022
Notice under Section 6(2) of the Competition Act, 2002 given by Picard Parent Inc. & Elliott Alto Aggregator GP LLC
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Ms. Sangeeta Verma Member Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 13 April 2022, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ), given by Picard Parent Inc. ( Picard Parent) and Elliott Alto Aggregator GP LLC ( Elliott Aggregator) . The Notice was given pursuant to the Agreement and Plan of Merger dated 31 January 2022 ( Agreement ), entered into by and among Citrix Systems, INC ( Citrix ), Picard Parent, Picard Merger Sub Inc. ( Merger Sub ), and TIBCO Software Inc. ( TIBCO )
- The proposed combination relates to acquisition of (indirect) joint control of Citrix by funds managed by Vista Equity Partners Management, LLC ( Vista ) and funds and investment vehicles managed by Elliott Investment Management L.P. ( Elliott ) ( Proposed Combination ). Pursuant to the Proposed Combination, TIBCO, a Vista controlled portfolio company, will combine with Citrix, and Vista and Elliott will ultimately acquire
Issues for consideration
2 issues framed by the court
Whether the proposed merger between Vista/Elliot entity and Citrix is likely to have an appreciable adverse effect on competition in India.
Whether the proposed combination entails an overlap in the networking and IT security software market.
Coram
Ashok Kumar Gupta
Sangeeta Verma
Bhagwant Singh Bishnoi
Case details
As recorded by the court registry
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