Following the two firms (plus five others) bagging what is quite likely to be the biggest Indian inbound M&A of the year with Facebook’s $5.7bn investment in Reliance Jio, near identical teams at the two firms have scored a second very similar (if slightly smaller) mandate in a follow-up round:

US private equity firm Silver Lake will invest Rs 5,655.75 crore ($747 million) in Jio Platforms for a 1.15% stake, the second deal after Facebook’s share acquisition plan less than two weeks ago. Analysts expect more such stake sales going forward and indicate an initial share sale for the digital unit of Reliance Industries (RIL) in about two years.

— The Economic Times

AZB & Partners acted for Reliance Industries and its subsidiary Jio again, led by Mumbai-based partner Ashwath Rau, partner Nilanjana Singh and associates Sidhant Chandalia, Amitabh Robin Singh, Kanika Mishra and Vyjayanthi Raghu. Competition law advice was provided by partner Bharat Budholia and senior associate Gaurav Bansal.

Shardul Amarchand Mangaldas acted for Silver Lake led by partner Raghubir Menon, with partners Natashaa Shroff and Sakshi Mehra, and a similar team composition as on the previous deal the firm had scored.

Latham & Watkins advised Silver Lake on non-Indian legal issues.