Facebook Floats New Entity ‘Jaadhu Holdings’ as Part of Facebook-Jio Deal
Jun. 3, 2020Facebook now hasa new entity named ‘Jaadhu Holdings LLC’as part of its9.9% stake acquisitionin Jio Platforms Limited. Both companies disclosed the entity in a submission filed to the Competition Commission of India.
The companies ensure CCI thatthis transaction will not change the competitive landscape. As mentioned in the filing, Facebook and Jio Platforms will continue to operate independently. Moreover, Facebook and Reliance claim there isn’t any significant overlap between the areas the companies operate in.
“The Proposed Transaction and the Proposed Commercial Arrangement are procompetitive, benefits consumers, Kirana stores and other small and micro local Indian businesses, and take forward the vision of digital India,”the filing added.
Also highlighted in the filing is the entry of Jio Platforms, WhatsApp, and Reliance Retail into a separate commercial arrangement.
In the last few weeks, several private equity firms such asSilver Lake,Vista Equity Partners,General Atlantic, andKKRhave invested in Jio. Moreover, it is reportedly in talks with Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund for investments as well.
Subin writes about consumer tech, software, and security. He secretly misses the headphone jack while pretending he’s better off with the wireless freedom.
