PCC clears Engelmann Capital acquisition of Cloudstaff shares

The Philippine Competition Commission (PCC) has cleared the proposed acquisition by Engelmann Capital Pty Ltd of shares in Cloudstaff Holdings Pty Limited, approving the transaction ahead of the end of its Phase 1 review.

The competition watchdog said Tuesday that its review team found that the two companies operate in different business spaces.

Engelmann and its group hold a diversified portfolio of investments across multiple sectors, while Cloudstaff and its group focus on providing business process outsourcing services.

The review team further determined that the parties neither compete in the same market, known as a horizontal overlap, nor operate in a supplier-customer relationship.

Absent any horizontal overlap or vertical relationship, the transaction does not affect market structure or competitive dynamics.

“This clearance underscores the PCC’s mandate to ensure that mergers and acquisitions promote investment and growth without harming competition,” the agency said.