Kirkland & Ellis advised private equity firm Vista Equity Partners on its $1.5 billion investment in Jio Platforms, a next-generation Indian technology company and subsidiary of Reliance Industries. Vista’s investment implies a $65 billion equity valuation for Jio Platforms, which upon closing would make Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook.
The Kirkland team was led by transactional partners Stuart Casillas, Vlad Kroll, Nathan Davis, Srinivas Kaushik and Abhishek Kolay, and associates Ari Levi, Lesley Hamilton, Katherine Ackerman and Alex Dayneka-Hayes.
Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”) announced that Vista Equity Partners (“Vista”) will invest ₹ 11,367 crore into Jio Platforms. This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. Vista’s investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. Jio Platforms has now raised ₹ 60,596.37 crore from leading technology investors in less than three weeks.
