AZB & Partners and Davis Polk & Wardwell have advised Jio Platforms on its $4.5 billion sale of a 7.73 percent stake to Google, which was represented by Freshfields Bruckhaus Deringer and J. Sagar Associates.
The deal comes on the heels of Qualcomm and Intel Corp investing $97.2 million and $253 million in Jio Platforms.
Jio Platforms is the digital unit of Reliance Industries, which is controlled by Indian billionaire Mukesh Ambani
Previously, Saudi Arabia’s Public Investment Fund (PIF), global investment firm TPG, private equity firm L Catterton, Abu Dhabi state fund Mubadala Investment, Abu Dhabi Investment Authority (ADIA), global investment firm KKR, U.S. private equity firm General Atlantic, investment management company Vista Equity Partners, private equity firm Silver Lake, and social media giant Facebook have purchased stakes in Jio Platforms.
Reliance has now sold nearly 33 percent of Jio Platforms, raising $20.22 billion since late April.
According to Reuters, the latest investment comes just days after Alphabet Inc., Google’s parent company, said it would invest $10 billion in India via a digitisation fund over the next five to seven years through equity deals and tie-ups.
The AZB team was led by Ashwath Rau, Nilanjana Singh and Bharat Budholia.
To contact the editorial team, please email ALBEditor@thomsonreuters.com.
