Post Facebook, AZB, SAM score 2nd bonanza in Jio goldmine via $747m Silver Lake investment with Lathams

Following the two firms (plus five others) bagging what is quite likely to be the biggest Indian inbound M&A of the year with Facebook’s $5.7bn investment in Reliance Jio, near identical teams at the two firms have scored a second very similar (if slightly smaller) mandate in a follow-up round:

US private equity firm Silver Lake will invest Rs 5,655.75 crore ($747 million) in Jio Platforms for a 1.15% stake, the second deal after Facebook’s share acquisition plan less than two weeks ago. Analysts expect more such stake sales going forward and indicate an initial share sale for the digital unit of Reliance Industries (RIL) in about two years.

— The Economic Times

AZB & Partners acted for Reliance Industries and its subsidiary Jio again, led by Mumbai-based partnerAshwath Rau, partnerNilanjana Singh and associatesSidhant Chandalia, Amitabh Robin Singh, Kanika Mishra and Vyjayanthi Raghu. Competition law advice was provided by partnerBharat Budholia and senior associateGaurav Bansal.

Shardul Amarchand Mangaldas acted for Silver Lake led by partnerRaghubir Menon, with partnersNatashaa Shroff and Sakshi Mehra, and a similar team composition as on the previous deal the firm had scored.

Latham & Watkins advised Silver Lake on non-Indian legal issues.

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