To improve its 5G and internet services, Jio Platforms, owned by Reliance Industries, will pay USD 60 million to acquire US-based Mimosa Networks, according to a statement released by RIL on Thursday.
“Today, Airspan Networks Holdings (Airspan) and Radisys Corporation (Radisys), a wholly owned subsidiary of Jio Platforms Limited (Jio), announced the sale of Mimosa Networks, Inc. (Mimosa) to Radisys for $60 million on a debt free, cash free basis," as per the statement. Reliance Jio Infocomm USA Inc, a wholly owned step-down subsidiary of Jio is a shareholder of Airspan and maintains a seat on its Board of Directors.
Following Radisys' acquisition of Mimosa, its 56-person product development, manufacturing, and sales teams will remain with the company. In addition, Airspan will keep selling Mimosa products to some of its clients and will continue to maintain a reseller channel for particular joint 4G/5G and FWA projects.
, Mathew Oommen, President, Jio said, “Acquisition of Mimosa will further accelerate Jio’s innovation and leadership in the production of telecom network products that deliver value to consumers and enterprises across the globe with cost-effective, rapidly deployable fixed and mobile broadband."
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