CCI Clears 360 ONE’s Acquisition Of UBS India Units, 4.95% Stake Deal

The Competition Commission of India has approved the acquisition of select UBS AG businesses by the 360 ONE group, including a 4.95% stake in 360 ONE WAM Ltd. through warrant subscription by the Swiss investment bank, the antitrust body said Tuesday.

The transaction involves 360 ONE Portfolio Managers Ltd. acquiring the portfolio management services of Credit Suisse Securities (India) Pvt. Ltd., while 360 ONE Distribution Services Ltd. will take over its stock broking and financial product distribution operations.

UBS Finance India Pvt. Ltd. will also transfer its entire loan portfolio, part of its lending and financing business, to 360 ONE Prime Ltd.

This follows the strategic partnership announced in April between 360 ONE WAM and UBS to strengthen their wealth management offerings. On Monday, 360 ONE WAM said it had secured SEBI’s approval to acquire Credit Suisse’s PMS business on a slump sale basis.