L Catterton has become the 9th investor to pick up a minority stake in Jio Platforms after TPG stake sale was announced yesterday. L Catterton has picked up a 0.39% stake in Jio Platforms at Rs 1,894.5 Crore which values Jio Platform at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. The announcement came 2 hours after the TPG stake sale was announced.
Jio Platforms has now raised Rs 104,326.95 Crore in stake sales by selling 22.38% stake to global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubudala, ADIA, TPG and L Catterton.
The stake sales started pouring in on 22 April and have kept going on. Reliance is seemingly going on a PR drive with a one by one announcement of its stake sales which seem to have been sealed already. It remains to be seen as to how many more stake sales Jio Platforms has up its sleeve.
Jio Platforms Stake Sale – At a Glance
- Facebook – 9.99% (Rs 43,573.62 Crore)
- Silver Lake Partners – 1.15% (Rs 5,656.75 Crore)
- Vista Equity Partners – 2.32% (Rs 11,367 Crore)
- General Atlantic – 1.34% (Rs 6,598.38 Crore)
- KKR – 2.32% (Rs 11,367 Crore)
- Mubudala – 1.85% (Rs 9,093.6 Crore)
- Silver Lake Partners (Second Investment) – 0.93% (Rs 4,546.8 Crore)
- Abu Dhabi Investment Authority – 1.16% (Rs 5,683.5 Crore)
- TPG – 0.93% (Rs 4546.8 Crore)
- L Catterton – 0.39% (Rs 1894.5 Crore)
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted to welcome L Catterton as a partner in our journey to unleash the power of digital for India while providing a consumer experience that is among the best in the world. I particularly look forward to gaining from L Catterton’s invaluable experience in creating consumer-centric businesses because technology and consumer experience need to work together to propel India to achieving digital leadership.”
“Over our more than 30 year history, we have established a track record of building many of the most important brands across all consumer categories and geographies, from retailers, omni-channel and digitally native brands. We are strong supporters of fostering growth through product development, enhanced digital capabilities and strategic alliances. We look forward to partnering with Jio, which is uniquely positioned to execute on its vision and mission to transform the country and build a digital society for 1.3 billion Indians through its unmatched digital and technological capabilities.”
Michael Chu, Global Co-CEO of L Catterton
The transaction remains subject to customary approvals. Morgan Stanley was the financial advisor for Reliance Jio with AZB & Partners, and Davis Pol & Wardwell acting as the legal counsel.