Airspan Networks Holdings and Radisys Corporation ("Radisys”), a Subsidiary of Jio Platforms Limited, Announce Signing of Definitive Agreements for Sale of Mimosa Networks, Inc. to Radisys
March 08 2023 - 9:00PM
Business Wire
Today, Airspan Networks Holdings (NYSE American: MIMO)
(“Airspan”) and Radisys Corporation ("Radisys”), a wholly owned
subsidiary of Jio Platforms Limited ("Jio”), announced the sale of
Mimosa Networks, Inc. (“Mimosa”) to Radisys for US$ 60 million on a
debt free, cash free basis.
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, etc. These solutions have
use cases in the backhaul requirements for 5G and FTTX/ FWA
rollouts. Jio has been a major customer of Mimosa.
Mimosa’s product development, manufacturing, and sales teams of
56 employees will continue with Mimosa following the acquisition by
Radisys. 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.
Speaking about the transaction, 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.”
Jio is a shareholder of Airspan and maintains a seat on its
Board of Directors.
PJT Partners acted as financial advisor to Airspan. Cravath,
Swaine & Moore LLP and Dorsey & Whitney LLP acted as legal
advisors to Airspan.
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.
About Airspan
Airspan Networks Holdings Inc. (NYSE American: MIMO) is a
U.S.-based provider of groundbreaking, disruptive software and
hardware for 5G networks, and a pioneer in end-to-end Open RAN
solutions that provide interoperability with other vendors. As a
result of innovative technology and significant R&D investments
to build and expand 5G solutions, Airspan believes it is
well-positioned with 5G indoor and outdoor, Open RAN, private
networks for enterprise customers and industrial use applications,
fixed wireless access (FWA), and CBRS solutions to help mobile
network operators of all sizes deploy their networks of the future,
today. With over one million cells shipped to 1,000 customers in
more than 100 countries, Airspan has global scale. For more
information, visit www.airspan.com.
About Radisys Corporation
Radisys Corporation (“Radisys”) is a global leader 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. Radisys
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. Its world-class and
experienced network services organization delivers full lifecycle
services to help service providers build and operate highly
scalable and high-performance networks at optimum total cost of
ownership. For more information, visit www.Radisys.com.
About Jio Platforms Limited
Jio Platforms Limited (“Jio”), a subsidiary of Reliance
Industries Limited, has built a world-class, all-IP, data strong,
future proof network with 4G LTE technology (through its wholly
owned subsidiary, Reliance Jio Infocomm Limited). It is the only
network conceived and born as a mobile video network from grounds
up, supporting Voice over LTE technology. Pan India 5G roll-out and
deployment is ongoing. It is future ready and can be easily
upgraded to support much larger data volumes, as technologies
advance on to 6G and beyond.
Jio has brought transformational changes in the Indian digital
services space to enable its vision of Digital India for 1.3
billion Indians and propel India into global leadership in the
digital economy. It has created an eco-system comprising of
network, devices, applications, content, platforms and services for
everyone to live the Jio Digital Life.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, Airspan’s plans,
objectives, expectations and intentions with respect to future
operations, products and services. Any such forward-looking
statements are based upon the current beliefs and expectations of
Airspan’s management and are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
many of which are difficult to predict and generally beyond
Airspan’s control.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any forward-looking
statements and the assumptions on which those forward-looking
statements are based. All information set forth herein speaks only
as of the date hereof in the case of information about Airspan or
the date of such information in the case of information from
persons other than Airspan, and Airspan disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
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version on businesswire.com: https://www.businesswire.com/news/home/20230308005751/en/
Media Contact: mediarelations@airspan.com Investor Relations
Contact: Brett Scheiner +1 561-893-8660 IR@airspan.com
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