L Catterton’s $250 Million Investment In Jio Platforms

Kirkland and Ellis advised L Catterton in the transaction, while AZB & Partners and Davis Polk & Wardwell acted as legal counsels to Reliance Industries.

Reliance Industries Limited and Jio Platforms Limited, India’s leading digital services platform, announced an investment of â‚¹ 1894.50 crore by L Catterton, one of the world’s largest consumer focused private equity firms. The transaction is subject to regulatory and other customary approvals.

This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. L Catterton’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised â‚¹ 104,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22, 2020.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.

Founded in 1989, L Catterton is the investment partner of choice for leading consumer-focused brands around the world.

Morgan Stanley acted as financial advisor to Reliance Industries.

The Kirkland team advising L Catterton was led by transactional partners Daniel Dusek (Picture) and Michael Rackham and investment funds partners Jennifer Feng and Christopher Braunack. The team also included antitrust and competition partners Ian John and Carla Hine.

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

Involved fees earner: Leo Borchardt – Davis Polk & Wardwell; 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; Christopher Braunack – Kirkland & Ellis; Daniel Dusek – Kirkland & Ellis; Jennifer Feng – Kirkland & Ellis; Carla Hine – Kirkland & Ellis; Ian John – Kirkland & Ellis; Michael Rackham – Kirkland & Ellis;

Law Firms: Davis Polk & Wardwell; Kirkland & Ellis;

Clients: Jio Platforms Limited; L Catterton; Reliance Industries Limited;

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Author: Michael Patrini