The Competition Commission of Pakistan (CCP) has approved the acquisition of FLSmidth Cement by Corsica Buyer ApS under a global Share Purchase Agreement, according to a press release issued Wednesday.
The transaction involves the purchase of FLSmidth Cement, a Denmark-based provider of cement technologies and services, by Corsica Buyer ApS, a newly incorporated Danish entity ultimately controlled by Pacific Avenue Capital Partners Management Company LLC (PACP), a US-based private equity adviser.
In Pakistan, FLSmidth Cement operates through its wholly owned subsidiary, FLSmidth (Private) Limited, which provides cement technologies and services.
Following a Phase-I competition assessment, the CCP defined the relevant product market as “Cement Technologies and Services” within Pakistan and noted that the acquirer has no operational presence in the country.
The Commission determined that the acquisition will not lead to horizontal or vertical overlaps, raise competition concerns, or create barriers to market entry.
Based on these findings, the CCP authorized the proposed acquisition under Section 31(1)(d)(i) of the Competition Act, 2010.
