CCI approves Facebook’s $5.7 billion deal with Jio Platforms

The Competition Commission of India (CCI) has approved Facebook’s deal to buy a 9.99 per cent stake in Jio Platforms through its subsidiary Jaadhu Holdings LLC.

Earlier, Facebook had floated a new entity named Jaadhu Holdings LLC incorporated in Delaware in the United States, which will acquire 9.99 per cent stake in Jio Platforms.

In its submission to CCI, Facebook and Jio Platforms had said that the proposed transaction does not alter the competitive landscape and that Facebook and Jio Platforms would continue to operate independently.

Further, Jio Platforms, Facebook-owned WhatsApp Inc and Reliance Retail Limited have also entered into a separate commercial agreement.