CCI nod to HP Inc-Samsung pact, 2 other deals

NEW DELHI: Fair trade regulator CCI has given its nod to IT major HP's acquisition of global printer business of South Korean firm Samsung, in addition to two other deals.

In a tweet, the Competition Commission of India (CCI) said that it has approved the "acquisition of printer business of Samsung by HP Inc".

For the deal, the two companies had entered into a Master Purchase Agreement in September 2016.

Last year, HP had said it would acquire Samsung Electronics' printer business in a deal valued at USD 1.05 billion.

HP, created as part of the breakup of Hewlett-Packard Co, sells personal computers. It is a global provider of products, technologies, software, solutions and services to individual consumers, small and medium sized businesses and large enterprises, including customers in the government, health and education sectors.

Samsung's global business operations are organised into three broad divisions -- consumer electronics (which includes its printer business), information technology and mobile communications and device solutions.

In another tweet, CCI said that it has approved the "increase in stake by Highdell Investment in Kalyan Jewellers".

While Kalyan Jewellers is engaged in manufacturing and sales of gems and jewellery in India, Highdell is an investment holding company incorporated under the laws of Mauritius.

Highdell has proposed to buy compulsorily convertible preference shares of Kalyan, which upon conversion would give the company more than 25 per cent stake.

The regulator has also approved "demerger of non- financial services investments of Sundaram Finance into Sundaram Finance Invt Ltd & group restructuring".