: Amazon to acquire Prione Business Services #finance #StockMarketNEWS #Business Bengaluru: Amazon is all set to acquire Prione Business Services Private Ltd subject to requisite CCI approvals. “Prione

Posted in: #finance #StockMarketNEWS #Business

Amazon to acquire Prione Business Services #finance #StockMarketNEWS #Business
Bengaluru: Amazon is all set to acquire Prione Business Services Private Ltd subject to requisite CCI approvals.

“Prione Business Services Pvt Ltd, the joint venture between Catamaran and Amazon, will be acquired by Amazon subject to approvals. It will acquire Catamaran’s shareholding in compliance with applicable laws,�? said Catamaran and Amazon jointly.

On August 9, the partners had announced their decision to not continue the JV beyond the end of its current term of May 2022. The businesses of the Joint Venture will continue under the leadership of the current management, the statement said.

On receipt of regulatory approvals, the board of Prione and Cloudtail will take steps to complete the transaction in compliance with applicable laws, it added. Once the Competition Commission of India (CCI) approves the deal, Amazon will hold a cent percent stake in Prione.

In February 2019, Catamaran Ventures had raised its stake in Prione, which reduced Amazon Asia’s stake in Cloudtail to 24 percent from the earlier 49 percent, with Catamaran Venturep�&H�Z�H��[��
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