Radisys Corp, a unit of Reliance Industries Ltd (RIL) owned Jio Platforms, has said it will buy Mimosa Networks from U.S.-based IT services company Airspan Networks Holdings Inc for $60 million on a debt-free, cash-free basis. The current acquisition is in line with Jio's plan to boost innovation and leadership in the production of telecom network products.

Airspan acquired Mimosa in 2018 to target ‘cost-effective’ fixed wireless access network connections. Mimosa has a diverse portfolio of point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies as well as related accessories, such as twist-on antennas, PoE Injectors, a joint statement said.

These solutions have use cases in the backhaul requirements for 5G and FTTX/FWA (fixed wireless access) rollouts. Jio has already been a major customer of Mimosa. According to the companies, Mimosa’s product development, manufacturing, and sales teams of 56 employees will continue with Mimosa after the Radisys acquisition.

Airspan maintains a reseller channel for specific joint 4G/5G and FWA projects and will continue marketing Mimosa products to some of its customers following the acquisition.

Mathew Oommen, president, Jio said, “Over the years, our collaboration with Airspan has resulted in groundbreaking architectures for high-speed connectivity for both the end user and for backhaul applications. Acquisition of Mimosa will further 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.”

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 telecommunications 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.”

Reliance Jio Infocomm USA Inc, a wholly owned step-down subsidiary of Jio is a shareholder of Airspan and maintains a seat on its Board of Directors.

PJT Partners acted as financial advisors to Airspan for this transaction, while Cravath, Swaine & Moore LLP and Dorsey & Whitney LLP acted as legal advisors. Covington & Burling LLP acted as legal advisors, and Ernst & Young acted as accounting and tax diligence advisor to Radisys. The transaction is subject to certain regulatory and other customary closing conditions, including the US CFIUS review and approval by Airspan’s senior lender and is expected to complete in the third quarter of 2023.

Radisys is a major player in open telecom solutions and services. Its disaggregated platforms and integration services leverage open reference architectures and standards combined with open software and hardware, enabling service providers to drive open digital transformation. The company offers an end-to-end solutions portfolio, from digital endpoints to disaggregated and open access and core solutions, to immersive digital applications and engagement platforms. Airspan is a pioneer in end-to-end open RAN solutions that provide interoperability with other vendors.

Besides, Jio Platform's subsidiary Reliance Jio has announced the launch of its True 5G services in 27 cities across the country. With this, Jio becomes the first telecom operator to bring next-generation internet services to most cities (331) in India. The company aims to roll out Jio True 5G in every town or city in the country by 2023.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.