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AZB & Partners has advised India’s Jio Platforms on its $1.5 billion sale of shares to global investment firm KKR, which was represented by Shardul Amarchand Mangaldas and Simpson Thacher & Bartlett.

The deal comes days after U.S. private equity firm General Atlantic, investment management company Vista Equity Partners, private equity firm Silver Lake, and social media giant Facebook purchased stakes in Jio Platforms. AZB and SAM advised in all the four deals.

According to Reuters, KKR’s purchase of the 2.32 percent stake pegs Jio Platforms’ equity value at roughly $65 billion, making it India’s second most valuable standalone tech firm after IT services company Tata Consultancy Services.

The $10 billion of funds raised will help Reliance Industries, Jio’s parent company, meet its target of eliminating $21.4 billion debt this year. The oil-to-telecoms giant is also selling new shares worth $7 billion, Reuters added.

Partners Ashwath Rau, Varoon Chandra and Agnik Bhattacharyya led the AZB team. The Simpson Thacher team was led by partner Nancy Mehlman.

To contact the editorial team, please email ALBEditor@thomsonreuters.com.

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