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NEW DELHI: Reliance Industries (RIL) Saturday it will acquire Nasdaq-listed telecom solutions Radisys Corporation for $ 1.72 per share in cash.
"This Further accelerates acquisition (Reliance) Jio's global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption, "Akash Ambani, Director of Reliance Jio, said in a joint statement.
RIL will fund the acquisition through its internal accruals.
US-headquartered Radisys Corp., the subject is expected to close in the fourth quarter of 2018 has nearly 600 employees with an engineering team based out of Bangalore, India, and sales and support offices globally.
"The backing and support of the India-based global conglomerate Reliance,
" The backing and support of India-based global conglomerate Reliance, Brian Bronson, CEO of Radisys, said in the statement.
The Mukesh Ambani-owned company, involved in a bitter fight with market leader Bharti Airtel, Vodafone India and Idea Cellular for subscribers
Two months ago, RIL signed a pact to merge a music app with its own digital music service JioMusic in a cash-and-stock deal to create a $ 1 billion entity in which the Mukesh Ambani-owned company will have a stake of more than 75%.
expansion plans.
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