CCP approves conglomerate merger in power transformer market

September 09, 2025 (MLN): A shareholding acquisition in M/s. Heavy Electrical Complex (Private) Limited has received approval from the Competition Commission of Pakistan (CCP).

The deal involves M/s. DW Pakistan (Private) Limited acquiring shares from M/s. IMS Engineering (Private) Limited under a share purchase agreement.

DW Pakistan, the acquiring company, focuses on investment and acquisitions across multiple sectors, but does not currently operate in manufacturing, engineering, or energy markets.

Heavy Electrical Complex, the target company, specializes in manufacturing and repairing power transformers, including high-capacity units essential for Pakistan’s power transmission and distribution systems.

Meanwhile, the seller, IMS Engineering, provides engineering, procurement, construction (EPC), and commissioning services.

The CCP assessed the relevant product market as power transformers and determined that the transaction represents a conglomerate merger.

The commission noted that the acquisition would not reduce competition, nor would it create or strengthen a dominant position in the power transformer market.

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