4 May 2020 Net D:E Close on the heels of the RIL-Facebook deal (see Silver Lake has acquired 1.14% stake in Jio Platforms for INR55.8b, at post- money equity value of INR4.9t (in-line). The stake sale further reaffirms global demand/confidence of marquee tech investors in Jio Platforms. This would enable Jio Platforms to crystalize its digital plans by leveraging the global experience of its investors. Further, RJios leverage (net debt to EBITDA) has reduced from 9.7x in FY19 to 0.7x currently through recent capital reorganization, creation of InvIT and the stake sale, creating a lean balance sheet and healthy RoCE. We value Jio using DCF at INR 760/share which in-turn implies an FY22E EV/EBITDA of 11x. In an all-cash deal, Silver Lake has announced the acquisition of 1.14% stake in Jio Platforms at post-money equity value of INR4.9t and an enterprise value of INR5.2t. Compared to the recently announced Facebook deal at INR4.