Mukesh Ambani led Reliance Industries Limited (RIL) is set to acquire Radisys Corporation for $75 million (Rs 510 crore) said the company in a press release. The US-based open telecom platform solutions provider is expected to give Reliance's telecom arm- Jio a push.
A definitive agreement is entered into under which Reliance will acquire Radisys for US$1.72 per share in cash.
Radisys, which is headquartered in Hillsboro, Oregon, provides open telecom solution to service providers worldwide with an engineering team in Bengaluru and a sales and support staff worldwide.
Akash Ambani, Director of Reliance Jio 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." He further said, "This acquisition further accelerates Jio's global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption."
The deal is subject to regulatory and other clearances and could be expected to close by the end of the fourth quarter. RIL in its press release said that the deal would be financed through its internal accruals.