27 May, 2015
On March 18, 2015, CCI approved the merger of Sabita Sub Inc. (‘Sabita’) and Symphony Teleca Corporation (‘Symphony’) pursuant to the acquisition of Symphony by Harman International Industries Incorporated (‘Harman’). The notice was filed pursuant to an agreement and plan of merger executed between Sabilta, Symphony and Harman.
CCI observed that Sabita is not engaged in any business activity but is a subsidiary of Harman. Harman is engaged in the business of designing, manufacturing, and marketing audio products and electronic systems for automotive, consumer and professional industries. Further, Symphony is engaged in software development services for a variety of industries.
CCI observed that there were no horizontal or vertical overlaps between Sabita and Symphony.
Accordingly, CCI held that the proposed acquisition is not likely to lead to any AAEC in India and approved the transaction under Section 31(1) of the Competition Act.
For further information, please contact:
Zia Mody, AZB & Partners
zia.mody@azbpartners.com
Abhijit Joshi, AZB & Partners
abhijit.joshi@azbpartners.com
Shuva Mandal, AZB & Partners
shuva.mandal@azbpartners.com
Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com
Percy Billimoria, AZB & Partners
percy.billimoria@azbpartners.com
Aditya Bhat, AZB & Partners
aditya.bhat@azbpartners.com
