AZB & Partners and Davis Polk & Wardwell have advised Reliance Industries’ Jio Platforms on its$870 million sale of a 1.34 percent stake to U.S. private equity firm General Atlantic, which was represented by Shardul Amarchand Mangaldas and Paul, Weiss, Rifkind, Wharton & Garrison.
The deal comes days after 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 three deals.
According to Reuters, the investment in Jio Platforms via these four deals amounts to over $8 billion in less than a month. The deals, along with Reliance’s plan to sell $7 billion in new shares, will help the Mumbai-based oil-to-telecoms giant meet its target of eliminating $21.4 billion debt this year.
The AZB team on the deal was led by partners Ashwath Rau, Nilanjana Singh and Bharat Budholia.
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