CCP approves acquisition of FLSmidth Cement by Corsica Buyer ApS

ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the acquisition of M/s FLSmidth Cement by M/s Corsica Buyer ApS under a global Share Purchase Agreement.

The transaction involves the acquisition of FLSmidth Cement A/S, a Danish company engaged in providing cement technologies and related services worldwide, 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 investment adviser.

In Pakistan, the Target operates through its wholly owned subsidiary, FLSmidth (Private) Limited, which is active in the cement technologies and services market.

The Commission conducted a Phase-I competition assessment and defined the relevant product market as “Cement Technologies and Services” within the geographic market of Pakistan. The Acquirer currently has no operational presence in Pakistan, while the Target, through FLS Pakistan, holds a significant but non-dominant share across various sub-segments of the market.

The CCP found that the transaction does not result in any horizontal or vertical overlaps, nor does it raise competition concerns, create entry barriers, or enhance the market power of the Acquirer. Accordingly, the Commission concluded that the transaction is not likely to substantially lessen competition or create or strengthen a dominant position in the relevant market.

The Commission has therefore authorized the proposed acquisition under Section 31(1)(d)(i) of the Competition Act, 2010.

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