RIL to acquire US-based Radisys to accelerate 5G, IoT push; deal valued at USD 74 mn

Reliance Industries will acquire US-based open telecom solutions provider Radisys, in a deal estimated at USD 74 million (about Rs 506 crore), to strengthen its venture Jio's position in futuristic areas of 5G and Internet of Things (IoT).

The deal valuation is pegged at roughly USD 74 million (about Rs 506 crore) and RIL will acquire 100 per cent equity in Radisys, said a source familiar with contours of the transaction. The Nasdaq-listed Radisys will be delisted post the acquisition, the source added.

"Radisys Corporation... a global leader of open telecom solutions...and Reliance Industries Limited, India's largest private sector company, have entered into a definitive agreement under which Reliance will acquire Radisys for USD 1.72 per share in cash," a joint statement by the two companies said.

RIL plans to fund the transaction through its internal accruals, the statement added.

Akash Ambani, director of Reliance Jio, said: "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."