Reliance Jio Unit Radisys To Acquire Mimosa Networks For Rs 490 Crore
The acquisition will accelerate Jio's leadership in production of telecom network products, said Mathew Oommen, president of Jio.
Radisys Corp., a unit of Reliance's Jio Platforms Ltd., has agreed to acquire Mimosa Networks Inc. from U.S.-based Airspan Networks Holdings.
The acquisition will be completed for $60 million or about Rs 491 crore on a debt- and cash-free basis, according to an exchange filing.
Mimosa Networks, acquired by Airspan in 2018, is a maker of point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies as well as related accessories such as injectors and antennas. Jio has been a "major customer" of Mimosa.
The acquisition will accelerate Jio's innovation and leadership in production of telecom network products, Mathew Oommen, president at Reliance Jio Infocomm, said.
Mimosa’s product development, manufacturing, and sales teams of 56 employees will continue following the acquisition, the companies said.
There is cross-ownership between Airspan and Radisys, with Reliance Jio Infocomm USA Inc. being a shareholder of Airspan and having a seat on its board.
The Mimosa transaction is subject to regulatory and other customary closing conditions, including the Committee on Foreign Investment in the United States review and approval by Airspan’s senior lender. It is expected to complete in the third quarter of 2023.