Radisys Corporation agreed to acquire Mimosa Networks, Inc. from Airspan Networks Holdings Inc. (NYSEAM:MIMO) for $60 million on March 8, 2023. The consideration of $60 million is on a debt free, cash free basis. 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. Reliance Jio Infocomm USA Inc, a wholly owned step-down subsidiary of Jio Platforms Limited is a shareholder of Airspan and maintains a seat on its Board of Directors. Mimosa?s product development, manufacturing, and sales teams of 56 employees will continue with Mimosa. The transaction is subject to certain regulatory and other customary closing conditions, including the US CFIUS review and approval by Airspan?s senior lender. On March 6, 2023, the Board approved the Company?s entry into the Purchase Agreement. Mr. Oommen recused himself from the Board?s consideration and approval of the Transaction. The transaction is expected to complete in the third quarter of 2023. As on March 8, 2023, the transaction received approval by the Competition Authority of the Republic of Turkey. On July 22, 2023, the parties to the Purchase Agreement entered into Amendment No. 1 to Stock Purchase Agreement (the ? Amendment ?) to amend the Purchase Agreement to extend the Termination Datef the closing shall not have occurred on or prior to such date, to August 15, 2023.
PJT Partners acted as financial advisor to Airspan. Cravath, Swaine & Moore LLP and Betsy Sanders Parker, Brian Burke and Lawrence Ward of Dorsey & Whitney LLP acted as legal advisors to Airspan. Covington & Burling LLP acted as legal advisor and Ernst & Young acted as Accountant and tax diligence advisor to Radisys.