KKR’s $1.5 Billion Investment In Jio Platforms Limited

Morgan Stanley acted as financial advisor to Reliance Industries, and AZB & Partners and Davis Polk & Wardwell acted as legal counsel. Deloitte Touche Tohmatsu India LLP acted as financial advisor to KKR. Shardul Amarchand Mangaldas & Co. and Simpson Thacher & Bartlett LLP acted as legal counsel to KKR.

KKR executed an investment of ?11,367 crore (approximately US$1.5 billion) into Jio Platforms. The transaction is subject to regulatory and other customary approvals.

This transaction values Jio Platforms at an equity value of approximately US$65 billion and an enterprise value of approximately US$68 billion.

Reliance Industries Limited is India’s largest private sector company.

Jio Platforms is a wholly owned subsidiary of Reliance Industries Limited. Jio Platforms is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies.

Simpson Thacher team advising KKR included Ian Ho (Picture; M&A); and Nancy Mehlman and Joseph Tootle (Tax).

The Davis Polk corporate team advising Reliance Industries Limited and Jio Platforms included partner Jeffrey R. O’Brien and associates Alexander W. Simmonds, Ben Stewart, Fiona Tregeagle, Maxim Van de moortel and Jordan Jacobs.

Involved fees earner: Jordan Jacobs – Davis Polk & Wardwell; Jeffrey O’Brien – Davis Polk & Wardwell; Alexander Simmonds – Davis Polk & Wardwell; Ben Stewart – Davis Polk & Wardwell; Fiona Tregeagle – Davis Polk & Wardwell; Maxim Van de moortel – Davis Polk & Wardwell; Ian Ho – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Simpson Thacher & Bartlett;

Clients: Jio Platforms Limited; KKR; Reliance Industries Limited;

Author: Michael Patrini