THE Philippine Competition Commission (PCC) said it has approved a Bangalore-based company’s plan to acquire Philippine personal care manufacturer Splash Corp.
In a statement, the anti-trust agency said Wipro Enterprises Private Ltd. is planning to buy Splash, maker of Maxi-Peel and SkinWhite lotion, from Ang Hortaleza Corp.
“After the acquisition, Wipro Enterprises Private Limited, through a wholly owned subsidiary, will own the domestic and international retail personal care business of Splash Corporation which will include the related inventories, plant, property and equipment, intangible assets such as patents and trademarks, as well as its foreign subsidiaries,” the PCC said.
The financial details of the deal were not disclosed.
In the PCC decision approved on Feb. 19, the agency’s Mergers and Acquisitions Office (MAO) found that the transaction will not result in substantial lessening of competition in the market for manufacturing and distribution of whitening lotions. It noted there are many other firms selling whitening products in the market.
Splash’s business includes personal care and food manufacturing, as well as marketing, and distribution of products such as Maxi-Peel, SkinWhite lotion and Flawlessly U soap in the Philippines and in the international market.
Wipro Enterprises’ business includes manufacturing of personal care products in India such as Enchanteur lotion, Santoor soap and Chandrika soap. It also owns Wipro Infrastructure Engineering.
Under the Philippine Competition Act of 2015, the PCC is mandated to review mergers and acquisitions to ensure that these deals will not harm the interest of consumers. — Janina C. Lim