Deals
Ambani’s Jio Platforms Sells $1.2 Billion Stake to Mubadala
- Deal gives Abu Dhabi’s Mubadala 1.85% stake in digital upstart
- Jio raised $10 billion in recent weeks including from Facebook
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Reliance Industries Ltd. added to the roster of marquee backers piling into its digital upstart Jio Platforms Ltd. with a $1.2 billion investment by Abu Dhabi’s Mubadala Investment Co.
The deal gives the Abu Dhabi sovereign fund a stake of 1.85% at an equity value of $65 billion for Jio Platforms, the Mumbai-based company said Friday in a statement. Reliance, backed by Asia’s richest man Mukesh Ambani, is also in advanced talks with Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund, people familiar with the matter told Bloomberg News this week.