AZB, SAM, Covington, Gunderson act on JioMusic-Saavn merger

Reliance Industries is buying out Saavn music app for $104 million in cash and rest in stock, to merge it with its own digital music service JioMusic, valuing the combined music platform at about $1 billion..AZB & Partners and Covington & Burling LLP acted for Reliance industries on this deal..The AZB team was led by Partners Ashwath Rau and Kashish Bhatia along with Counsel Jasmin Karkhanis and Armaan Patkar, Amitabh Robin Singh, Sruti Baid, Dishti Kaji (paralegal)..Kirti Balasubramanian, Rina Goyal, Muffaddal Bohra, Kartik Monga and Archika Dudhwewala were part of the due diligence team..The Competition team was led by Partner Rahul Rai along with Gaurav Bansal..The Covington team was led by Partners Ralph Voltmer and Kyle Rabe..Shardul Amarchand Mangaldas and Gunderson Dettmer acted for Saavn..The SAM team was led by Partner Jay Gandhi along with Principal Associates Sayak Maity and Arun Jerome, Senior Associate Ankit Mishra and Associates Pratik Ranjan Das and Divya Hazra..The Gunderson Dettmer team was led by Partner Steve Baglio..In the cash and stock deal for Saavn, the Mukesh Ambani owned company will hold roughly three-fourths of the merged entity, with JioMusic’s implied valuation at $670 million..In addition to the merger, Reliance will also invest up to $100 million for growth and expansion of the platform into one of the largest streaming services in the world, reported ET.