The Competition Commission of Pakistan (CCP) has approved the 100 percent acquisition of M/s. Actis Holdings S.a.r.l (Actis Holdings), a Luxembourg-based company having a presence in Pakistan’s solar power market, by M/s. General Atlantic Partners, L.P. (GA), a US-based firm.
Actis Holdings is a sustainable infrastructure investor with a diverse portfolio in energy infrastructure, long-life infrastructure, digital infrastructure, real estate, and private equity sectors. Funds managed by Actis hold a majority interest in Solis, which is a majority shareholder in Yellow Door. Yellow Door is actively engaged in the solar electricity business in Pakistan.
The acquirer General Atlantic Partners, L.P. (GA), founded in 1980 and headquartered in New York, is a growth equity firm that provides capital and strategic support for global growth companies. GA boasts an impressive portfolio of 225 companies across six global sectors: climate, consumer, financial services, healthcare, life sciences, and technology.
The CCP’s Phase-I competition assessment identified ‘Power Generation – Solar’ as the relevant product market. The assessment revealed Actis Holdings indirect presence in Pakistan via Yellow Door which has a market share of less than 1 percent, remaining unchanged post-transaction. Ultimately, the proposed acquisition will not result in GA gaining dominance in the relevant market.
This move is expected to bring enhanced expertise, technology, and capital to the local market, fostering competition and innovation in the renewable energy sector.
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