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Indian regulator approves Baring Asia's acquisition of CMS

  • Holden Mann
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Baring Private Equity Asia has received permission from India's Competition Commission to acquire ATM management service CMS Info Systems, providing an exit for The Blackstone Group.

In a notice dated April 24, the commission said that the purchase "is not likely to have an appreciable adverse effect on competition in India" because Baring's other portfolio companies do not operate in the same space as CMS. The PE firm applied for approval in early March.

Blackstone will sell its entire 56% stake to Baring's Singapore-based subsidiary Sion Investment Holdings. The firm has held its stake since 2008, when it carved the company out from CMS Group for $50.8 million. Baring previously announced that it would pay $250 million for Blackstone's share of the company.

The PE firm will also fully acquire a 39% stake held by individuals in a separate transaction. Baring will either partly or fully acquire the remaining 5% held by an employee through the employee ownership plan.

CMS chiefly provides ATM management services, including cash delivery and pick-ups, along with deployment of ATMS and cash deposit machines. It has three subsidiaries in India: Securitrans India, CMS Securitas and CMS Marshall.

The company also provides IT services and IT training, produces bank and credit cards, and runs a chain of printing centers.

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