AZB, SAM triple tap with K&E: Jio raises another cool $1.5bn from Vista Equity

Friday, 8 May 2020 By Legally India Private equity / VC

It will surprise no one anymore that as Reliance’s 200-pound telecoms behemoth Jio has taken the third round of mega funding in as many weeks, two Indian law firms have been there every billable hour of the way: no doubt much welcome in these tough times.

Private equity firm Vista Equity Partners said on Friday it will invest $1.5 billion in Reliance Jio Platforms, joining social conglomerate Facebook and Silver Lake that have also made bets on the Indian telecom giant in recent weeks.

— Techcrunch

The respective teams are pretty much identical as the last two times:

AZB & Partners acted for Reliance Industries and its subsidiary Jio, with the charge led by partner Ashwath Rau, with partner Nilanjana Singh and associates Sidhant Chandalia, Amitabh Robin Singh, Kanika Mishra and Vyjayanthi Raghu. Competition law advice was provided by partner Bharat Budholia and senior associate Gaurav Bansal.

Shardul Amarchand Mangaldas acted for Vista Equity Partners led by partner Raghubir Menon, with partners Natashaa Shroff and Sakshi Mehra.

However, on the US laws side for the investor, this time, yet another US law firm made hay: Kirkland & Ellis was non-Indian law adviser to Vista Equity Partners.

AZB & PartnersShardul Amarchand MangaldasKirkland & Ellis

Comments

Comp law 8 May 2020, 16:08
+1 -2
Very interesting to see how samir Gandhi’s name is missing from all big M&A / PE deals that Azb is doing. Is this showing a growing reliance by Bombay office on Bombay team so revenue and deal credit not to be shared with delhi azb ?
Google? 9 May 2020, 09:38
+5 -2
He has Google as a client so FB's investment would have conflicted him and his team out
Why Uberoi? 9 May 2020, 10:50
+7 -0
Be nice. You dont have to put down others.
Uber no other way 10 May 2020, 06:06
+3 -0
How does that work? Have never functioned that way
Conflicts 9 May 2020, 11:40
+2 -0
Do conflict rules in competition practice prevent acting on the other side as well? AZB acted for Reliance
Basics? 10 May 2020, 00:32
+0 -0
Isn't Bharat in Samir's team since AZB Comp only has one EP? How does your comment make sense?

Also, Reliance being the target in this combination would mean SAM drafted the form (heavy lifting). A junior partner handling the deal for AZB Comp makes all sense.
people subtle putdowns 9 May 2020, 06:11
+1 -0
get over it. wear a mask and read a book.
Doubt 12 May 2020, 08:26
+1 -1
Isn't it a sort of conflict for Raghubir to be on both ends here? He's already repped another investor barely a week ago. Don't the investors have conflicts of interest, inter se?
Insight 13 May 2020, 15:26
+1 -0
Pretty sure all other than FB would have a template "take it or leave it" SSA. Same vendor DD or same Investor dd for reliance for cost and time reasons. Makes sense to have same advisors.
Rau 16 May 2020, 21:14
+1 -0
Cyril out of the league tables. Let’s see if Kian edits names this time.
Tired? 19 May 2020, 05:20
+1 -0
No reporting on the General Atlantic deal? Tired of talking of AZB and SAM?
Quite phenomenal to do this type of deal making during a lockdown!
These deals deserved to win awards!
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