The Nasdaq-listed Airspan Networks and Jio Platforms’ subsidiary Radisys Corporation have signed an agreement where Radisys will acquire Mimosa Networks for $60 million on a debt-free, cash-free basis.

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Mimosa Networks has a 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.

These solutions being provided by Mismosa have use cases in the backhaul requirements for 5G and FTTX/ FWA rollouts. Jio has been one of the major customer of Mimosa.

Mimosa’s product development, manufacturing, and sales teams of 56 employees will continue with Mimosa following the acquisition by Radisys.

Speaking about the transaction, Mathew Oommen, President, Jio said, “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, “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.

Shares of Reliance Industries are trading 1.3 percent lower at Rs 2,386.75.

(Edited by : Hormaz Fatakia)

First Published:Mar 9, 2023 10:33 AM IST