CCP Approves Acquisition in Pakistan’s Solar Market

The Competition Commission of Pakistan (CCP) has sanctioned the full acquisition of Actis Holdings S.a.r.l (Actis Holdings), a Luxembourg-based company active in Pakistan’s solar power sector, by General Atlantic Partners, L.P. (GA), an American firm.

Actis Holdings is an investor in sustainable infrastructure with a diverse portfolio encompassing energy infrastructure, long-term infrastructure, digital infrastructure, real estate, and private equity. Funds managed by Actis hold a majority stake in Solis, which is the principal shareholder in Yellow Door. Yellow Door is significantly engaged in Pakistan’s solar energy business.

General Atlantic Partners, L.P. (GA), established in 1980 and based in New York, is a growth equity firm that provides capital and strategic support to global growth companies. GA’s portfolio includes 225 companies across six global sectors: climate, consumer, financial services, healthcare, life sciences, and technology.

The CCP’s Phase-I competition evaluation identified ‘Power Generation – Solar’ as the pertinent product market. The evaluation showed that Actis Holdings has an indirect presence in Pakistan through Yellow Door, which has a market share of less than 1 percent, a figure that will remain unchanged after the acquisition. Therefore, the proposed acquisition will not result in GA achieving dominance in the relevant market.