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Mukesh Ambani- owned Reliance Industries (RIL) today said that it will acquire Radisys Corp. or $1.72 per share in cash.
"This acquisition further accelerates Jio's global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption," said Akash Ambani, Director of Reliance Jio.
He said: "Reliance and Jio have been disrupting legacy business models and establishing new global benchmarks. Radisys' top-class management and engineering team offer Reliance rapid innovation and solution development expertise globally, which complements our work towards software-centric disaggregated networks and platforms, enhancing the value to customers across consumer and enterprise segments."
Radisys is known for providing open telecom solutions to service providers worldwide.
Brian Bronson, CEO of Radisys said: "The backing and support of India-based global conglomerate Reliance, will accelerate our strategy and the scale required by our customers to further deploy our full suite of products and services. The Radisys team will continue to work independently on driving its future growth, innovation, and expansion. The addition of Reliance's visionary leadership and strong market position will enhance Radisys' ability to develop and integrate large-scale, disruptive, open-centric end-to-end solutions.
Radisys has nearly 600 employees with an engineering team based out of Bangalore, India, and sales and support offices globally.
Furthermore, the transaction is subject to certain customary closing conditions, including regulatory approvals and approval of Radisys' shareholders, and is expected to close in the fourth quarter of 2018.
RIL intends to finance the transaction through its own internal accruals, the statement said.
Covington & Burling LLP is acting as legal advisor and Ernst & Young provided diligence and tax advisory services to RIL while Raymond James & Associates, Inc. is acting as financial advisor and Baker & McKenzie LLP is acting as legal advisor to Radisys.
Radisys delivers value to service providers and telecom equipment vendors by providing disruptive open-centric software, hardware, and service capabilities that enable the migration to next-generation network topologies, the statement informed further.