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As it was expected, Mukesh Ambani owned Reliance Jio Infocomm Limited ("RJIL"), a subsidiary of Reliance Industries Limited ("RIL"), today announced the signing of the definitive agreement for the acquisition of specified assets of Reliance Communications Limited ("RCOM") and its affiliates.
"The acquisition is subject to receipt of requisite approvals from governmental and regulatory authorities, consents from all lenders, a release of all encumbrances on the said assets and other conditions precedent. The consideration is payable at completion and is subject to adjustments as specified in the agreement," the statement said.
Consequent to the agreement, RJIL or its nominees will acquire assets under four categories - Towers, Optic Fiber Cable Network ("OFC"), Spectrum and Media Convergence Nodes ("MCN") from RCOM and its affiliates. These assets are strategic in nature and are expected to contribute significantly to the large-scale roll-out of wireless and Fiber to Home and Enterprise services by RJIL, it added.
An asset monetization process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited to run the process.
The process is supervised by an independent group of industry experts. RJIL emerged as the successful bidder in the two-stage bidding process.
RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young on this transaction.
While the two companies did not disclose the deal size.