Jio Platforms, a subsidiary of Reliance Industries, is set to buy fixed wireless access (FWA) maker Mimosa Networks for $60 million as it looks to broaden its 5G and broadband services, according to a company statement.
The deal is between Radisys Corp., a unit of Jio Platforms, and US-based Airspan Networks Holdings, which owns Mimosa.
Mimosa's portfolio includes point-to-point and point-to-multi-point products based on WiFi 5 and WiFi 6E technologies and other verticals.
The development is in line with Reliance Industries’ plan to scale up 5G and broadband services across the country after shelling out $11 billion in a 5G spectrum auction in 2022.
Reliance Jio Infocomm USA, a unit of Jio, is a shareholder in Airspan and has a seat on its board, as per the statement.
Reliance has been making several investments in the telecom space and had chosen Nokia as a major supplier last year to expand next-generation wireless services across India. Jio Platforms is well-positioned to lead the charge and shape the future of connectivity not only in India but globally with its e2e portfolio of 5G Core, Radio products and a suite of AI-enabled automation tools.
Reliance Jio President Mathew Oommen has noted that the deal will accelerate Jio’s “innovation and leadership in the production of telecom network products that deliver value to consumers and enterprises across the globe with cost-effective, rapidly deployable fixed and mobile broadband.”
Meanwhile, Eric Stonestrom, chairman and CEO of Airspan said, “We are excited about this transaction. It not only puts a very capable product team with one of the world’s most innovative and transformative technology and telecommunication companies, but it also strengthens Airspan’s balance sheet enabling the company to pursue 4G and 5G private and MNO networks which have been our main focus.”
The transaction is subject to certain regulatory and other customary closing conditions.