Reliance’s Radisys Acquisition Delayed

Reliance Industries has delayed the closing date of its acquisition of Radisys, a global open telecom solutions firm. The earlier date of closure of the deal was December 7 2018 which is now extended by one week. The new date is now 14 December 2018.

“At the request of Reliance Industries (RIL), Radisys and RIL have agreed to extend the closing date to a date no later than December 14, 2018 and the parties continue to work to close the transaction as promptly as practicable on or before that date,” Radisys said in a statement.

Though the reason for the postponement of the closing date is not known, some sources in RIL associate it with the wedding of RIL Chairman Mukesh Ambani’s daughter Isha Ambani. Isha Ambani is getting married on 12 December to Ajay and Swati Piramal’s son Anand Piramal.

Radisys, however, said it has fulfilled all the necessary obligations required for the closure.

“RIL also acknowledged that Radisys has satisfied all conditions to RIL’s obligations to close the transaction,” Radisys added in the statement.

RIL, in June this year, had announced to acquire US based technology firm Radisys for $1.72 per share in cash.

The acquisition will help Jio expand its IoT portfolio, for both consumers as well as for enterprises.

“This acquisition further accelerates Jio’s global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption,” Aakash Amabni, son of RIL Chairman Mukesh Ambani and Director at Reliance Jio had said.

Radisys is headquartered in Hillsboro, Oregon and has nearly 600 employees with an engineering team based out of Bangalore, India, and sales and support offices globally. The firm claims to have expertise on open architecture for telecom networks and hopes to pioneer the future connected world through its solutions. The firm delivers value to service providers and telecom equipment vendors by providing disruptive open-centric software, hardware and service capabilities that enable the migration to next-generation network topologies.

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