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SAM, AZB on $670m Jio-Saavn takeover with 3 US firms

“In a deal led by Reliance Jio director Akash Ambani, Reliance Industries today signed an agreement for merging the digital music service Saavn with JioMusic to create a digital media platform with global reach having total value of over $1 billion,” reported PTI.

According to The Hindu, Jio will pay $104m to the existing shareholders of Saavn.

Shardul Amarchand Mangaldas partner Jay Gandhi, principal associates Sayak Maity and Arun Jerome, senior associate Ankit Mishra and associates Pratik Ranjan Das and Divya Hazra acted for Saavn.

US-headquartered Gunderson Dettmer acted for Saavn.

AZB & Partners partners Ashwath Rau and Kashish Bhatia, counsel Jasmin Karkhanis and associates Armaan Patkar, Amitabh Robin Singh and Shruti Baid acted for Reliance Jio.

US firm Covington & Burling also acted for Reliance Jio.

Proskauer Rose acted for the Saavn founders.

Update 12 April 2018: The total deal value was $874m, according to an AZB press release.

Update 9 January 2019: According to a later Economic Times report, the total value of Saavn was $670m.

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

Click here if you are working with a law firm that has not been credited for this deal, and we will update the report promptly.

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