Jio to get millions from PE major

Private equity firm Silver Lake will pump nearly $750 million into Jio Platforms for a 1.15% stake, a company announcement said. The deal – which comes less than two weeks after Facebook’s $5.7 billion investment in the Reliance Industries arm – imputes a 12.5% premium to the equity valuation offered by the social network. Experts say the investment will fuel Jio’s breakneck growth (paywall) and boost its efforts to pare debt, even as Silver Lake – which has backed companies like Twitter and Dell – hunts for bargain deals amid the pandemic.