Mukesh Ambani’s Jio Platforms has agreed to sell 1.34% stake to General Atlantic, the latest deal in a series of deals the top Indian telecom operator has secured in recent weeks.
On Sunday, General Atlantic said it would invest $869.8 million in the Indian firm, joining Facebook, Silver Lake, and Vista Equity Partners that have made sizeable bets on the three-and-a-half-year old Indian firm.
General Atlantic’s investment values Jio Platforms at $65 billion (equity valuation) — the same valuation implied by the Silver Lake and Vista deals and a 12.5% premium over Facebook’s deal, the Indian firm said.
Sunday’s announcement further illustrates the growing appeal of Jio Platforms, which has raised $8.85 billion, to foreign investors looking for a slice in the fast-growing world’s second largest internet market.
More to follow…