Davis Polk & Wardwell and Cyril Amarchand Mangaldas have advised Reliance Industries on its $2.6 billion sale of stakes in its retail unit to Singapore sovereign wealth fund GIC, global private equity firm TPG Capital, Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company.
Mubadala, which was represented by Skadden, Arps, Slate, Meagher & Flom, bought a 1.4 percent stake worth $853 million, while ADIA paid $751 million for a 1.2 percent stake. Meanwhile, GIC and TPG Capital together will invest about $1 billion.
According to Reuters, Reliance, controlled by Asia’s richest man Mukesh Ambani, has secured more than $2 billion in investments from global investors over the past few months.
Previously, Google, Saudi Arabia’s Public Investment Fund, TPG, L Catterton, Mubadala, ADIA, KKR, General Atlantic, Vista Equity Partners, Silver Lake, and social media giant Facebook purchased stakes in Reliance’s Jio Platforms.
The Davis Polk team was led by partners Jeffrey R. O’Brien and Leo Borchardt.
Partners Jonathan Stone, Rajeev Duggal and Nathan Giesselman led the Skadden team.
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