Reliance Jio may acquire wireless infrastructure assets from RCOM
By MYBRANDBOOK
Reliance Jio Infocomm Limited (“RJIL”) has signed a definitive agreement for the acquisition of specified assets of Reliance Communications Limited (“RCOM”) and its affiliates.
The acquisition is subject to receipt of requisite approvals from the Governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions precedent. The consideration is payable on completion and is subject to adjustments as specified in the agreement.
An asset monetization process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited to run the process. The process is supervised by an independent group of distinguished industry experts. RJIL emerged as the successful bidder in the two-stage bidding process.
Consequent on the agreement, RJIL or its nominees will acquire assets under four categories – Towers, Optic-Fiber Cable Network (“OFC”), Spectrum and Media Convergence Nodes (“MCN”) from RCOM and its affiliates. These assets are strategic in nature and are expected to contribute significantly to the large-scale rollout of wireless and Fiber to Home and Enterprise services by RJIL.
The parties are bound by confidentiality obligations and will make further disclosures at the appropriate time.
RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co. and Ernst & Young on this transaction.
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