New Delhi: Days after announcing a ₹43,574 crore deal with Facebook, Reliance Industries today announced that Silver Lake private equity firm will invest Rs 5,655.75 crore in Jio Platforms to acquire a 1.15% stake. This investment values Jio platforms with an equity value of ₹ 4.90 lakh crore and an enterprise value of ₹ 5.15 lakh crore.
The Silver Lake deal represents a 12.5% premium to the equity valuation of Facebook investment in Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL).
Other Silver Lake’s investments included Airbnb, Alibaba, Ant Financial, Alphabet's Verily, Waymo units, Dell Technologies, Twitter, and many other global technology leaders.
After selling a 9.99% stake to Facebook, Reliance said last week it was in talks with other strategic and financial investors for a similar-sized deal to cut down debt.
RIL chairman and managing director Mukesh Ambani said Silver Lake has a proven track record of being a valuable partner for the world's largest technology companies. "Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships to transform the Indian Digital Society," he said.
Silver Lake Co-CEO and Managing Partner Egon Durban described Jio platforms as one of the world's most remarkable companies, led by an incredibly strong and entrepreneurial management team-leading and actualizing a courageous vision. "They have brought exceptional engineering capabilities to bring the power of low-cost digital services to a large number of consumers and small businesses. The market potential they are addressing is immense," he said.
PC: Forbes, Swarjya, Headlines of Today, LiveMint
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