Facebook floats new entity to acquire 9.99% stake in Jio Platforms

Social media giant Facebook has floated a new entity — Jaadhu Holdings LLC – incorporated in Delaware in the United States, which will acquire 9.99% stake in Jio Platforms Ltd.

The two companies disclosed this in a submission to India’s competition watchdog, seeking clearance for the $5.7 billion deal that was announced in April.

The Facebook entity will acquire a minority, non-controlling share in Jio Platforms, according to the submission to the Competition Commission of India.

Jio Platforms, Facebook-owned instant messaging service WhatsApp Inc and Reliance Retail Ltd will also enter into a separate commercial agreement, it added.