Jio Platforms, a unit of Indian aggregate Reliance Industries Ltd, will purchase communications equipment maker Mimosa Networks for $60 million to strengthen its 5G and broadband services expansion, the companies said on Thursday.
The deal is between Radisys Corp, a subsidiary of Jio Platforms, and US-based Airspan Networks Holdings, which owns Mimosa.
Mimosa has a range of point-to-point and point-to-multipoint products based on WiFi 5 and the newer WiFi 6E technology, as well as related accessories, the statement said.
The group is rolling out 5G and broadband services nationwide after snapping up $11 billion of airwaves in last year’s 5G spectrum auction through Jio, India’s leading telecom service provider.
Jio subsidiary Reliance Jio Infocomm USA is a shareholder in Airspan and has a seat on its board, according to the statement. Reliance has been making several investments in the telecom sector and last year selected Nokia as a critical supplier to expand next-generation wireless services in India.
The Mimosa deal also comes when some governments, including India, ban or discourage using China’s Huawei in national networks.
The statement said that the deal is subject to certain regulatory and other customary closing conditions and the approval of Airspan’s senior lenders and is expected to close in Q3FY23.