Yokohama Rubber Co. has received approval from the Competition Commission of India to acquire Alliance Tire Group (ATG).
In March, Yokohama reached an agreement with global investment firm KKR and other concerned parties to purchase all of the shares of ATG in a $1.17 billion deal that is expected to close July 1, 2016.
CCI approval is relevant because both companies do business in India. Yokohama’s wholly owned subsidiary, Yokohama India Pvt Ltd., manufactures tires and related products, and also sells truck, bus and off-highway tires. ATG has a presence in more than 120 countries, including India, for the development, manufacture and sale of off-highway tires.