BlackRock Funding, Inc.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where BlackRock Funding Inc. would acquire 100% of Global Infrastructure Management, LLC. The Commission found that market share was insignificant and the combination was unlikely to cause appreciable adverse effect on competition.
What did the court decide?
Approval of the Proposed Combination under Section 31(1) of the Competition Act, 2002, subject to the order being revoked if information provided is found incorrect.
What the court decided
COMPETITION COMMISSION OF INDIA Combination Registration No. C-2024/03/1121
11th June 2024
Notice under Section 6(2) of the Competition Act, 2002 given by BlackRock Funding, Inc.
CORAM:
Ms. Ravneet Kaur Chairperson
Mr. Anil Agrawal Member Ms. Sweta Kakkad Member
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 13th March 2024, the Competition Commission of India (‘ Commission’ ) received a Notice under Section 6(2) of the Competition Act, 2002 (‘ Act’ ) given by BlackRock Funding, Inc. ( BFI/Acquirer ). The Notice was filed pursuant to the agreement entered by and between, inter alia, BFI, BlackRock, Inc. ( BlackRock ), Banana Merger Sub, Inc. (together, the BlackRock Parties ), and Global Infrastructure Management, LLC, ( GIM) o n 12th January 2024 ( Transaction Agreement ).
- In terms of Regulation 14 of the Competition Commission of India (Procedure in regard to the transaction of business related to combinations) Regulations, 2011 ( Combination Regulations ), vide letter dated 28th March 2024 ( RFI ), the Acquirer was required to provide certain information/document(s) latest by 4th April 2024. The Acquirer filed its
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of Global Infrastructure Management, LLC by BlackRock Funding, Inc. is likely to cause appreciable adverse effect on competition in India.
Whether horizontal overlaps and vertical linkages between the portfolio companies of BlackRock and GIM are significant enough to alter competition dynamics.
Whether the Commission is satisfied that the proposed combination does not confer ability or create incentives for foreclosure strategies in relevant markets.
Parties & counsel
- petitioner
Competition Commission of India
- respondent
BlackRock Funding, Inc.
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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