Hogan Lovells and Shardul Amarchand Mangaldas (SAM) represented social media company Facebook on its US$5.7 billion purchase of a 9.9% stake in Jio Platforms, the digital arm of India’s Reliance Industries. Jio was advised by Davis Polk & Wardwell and AZB & Partners.
Gibson Dunn & Crutcher, White & Case, and Fenwick & West also advised Facebook on the transaction.
The deal provides Facebook and its CEO, Mark Zuckerburg, with direct access to Jio’s 380 million subscribers and a strong foothold into India’s booming mobile market and growing digital economy. Facebook’s WhatsApp also has 400 million users in India, with the social media giant set to add a payment feature to this service. Jio Platforms, the digital services subsidiary of Reliance Industries, also raised an additional US$4.62 billion from four financial investors.
