Payments News

Deals

KKR caps Jio deal, upping payments reach in Asia

“KKR & Co. said it negotiated its biggest Asian transaction, a $1.5 billion deal to buy stake in Mukesh Ambani’s India-based digital platform business, in 10 days. The New York-based private equity firm on Friday said it’s buying a 2.3% stake in Jio Platforms Ltd., the telecom and digital services holding company controlled by Ambani’s Reliance Industries Ltd. The deal was done over Zoom calls, said Sanjay Nayar, chief executive officer of KKR’s India unit. KKR said Ambani’s goals of becoming a top e-commerce and payments operator in India, the world’s second-most populated nation, helped KKR accelerate the decision. Private equity firms often take months to conduct due diligence and negotiate terms of an investment.”