Reliance Industries to acquire telecom solutions provider Radisys Corporation

MUMBAI: Reliance Industries (RIL) Saturday it will acquire Nasdaq-listed telecom solutions provider Radisys Corporation for $1.72 per share in cash."This acquisition further accelerates (Reliance) Jio’s global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption," Akash Ambani, director of Reliance Jio, said in a joint statement.RIL will fund the acquisition through its internal accruals. The deal is expected to close in the fourth quarter of 2018, subject to regulatory approvals.US-headquartered Radisys Corp. has nearly 600 employees with an engineering team based out of Bangalore, India, and sales and support offices globally. It works with service providers and telecom equipment vendors by providing open-centric software, hardware and service capabilities that enable the migration to next-generation network topologies."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," Brian Bronson, CEO of Radisys, said in the statement.The Mukesh Ambani-owned company, involved in a bitter fight with market leader Bharti Airtel, Vodafone India and Idea Cellular for subscribers, has made acquisitions to expand its technology and content segments.Two months ago, RIL signed a pact to merge a music app with its own digital music service JioMusic in a cash-and-stock deal to create a $1 billion entity in which the Mukesh Ambani-owned company will have a stake of more than 75%.The parents company has also been raising money to fuel its expansion plans.

from The Economic Times https://ift.tt/2KCg6iU
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