IFLR1000

Reliance Industries acquisition of 81.7% stake in Saavn

23/3/2018
Private acquisition
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Re 6.76 billion

$ 104 million

Announced

23/3/2018

Overview:

  • Reliance Industries has acquired a 81.7% stake in Saavn for Re6.76 billion.
  • Saavn is a US based music streaming service.
  • Reliance will also invest $20 million in the company.
  • The deal will see Reliance merge its JioMusic with Saavn, which owns the rights to over 30 million songs.

Sam Duke

Jurisdiction:

India

Deal type:

Private acquisition

Practice area:

M&A

Industry sectors:

Consumer goods and services
Technology and telecommunications

Firms:
AZB & Partners

Party: Reliance Industries (Acquirer)

Lawyers: Ashwath Rau, Kashish Bhatia

Covington & Burling

Party: Reliance Industries (Acquirer)

Lawyers: Kyle Rabe, Ralph Voltmer Jr

Gunderson Dettmer

Party: Saavn (Target)

Lawyer: Steven Baglio

Proskauer Rose

Party: Saavn (Management)

Shardul Amarchand Mangaldas & Co

Party: Saavn (Target)

Lawyer: Jay Gandhi

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