By Patrick Frater Asia Bureau Chief U.S. investment group Silver Lake is to spend $750 million buying a slice of budding Indian media powerhouse Jio Platforms.
The two companies announced their deal less than two weeks after Facebook paid $5.7 billion to buy a 9.9% stake in Jio. The Silver Lake deal gives Jio Platforms a valuation of $65 billion, some 12.5% higher than the figure implied by the Facebook deal.
Jio Platforms is part of Reliance Industries, a sprawling petroleum to property conglomerate controlled by Mukesh Ambani, India’s richest person.
In its early iteration, Jio offered low cost, nationwide cellular broadband services that quickly shook up the phones, internet and pay-TV markets.
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