Airspan Networks Holdings (NYSE:MIMO) (“Airspan”) and Radisys Corporation (“Radisys”), a wholly owned subsidiary of Jio Platforms Limited (“Jio”), announced the debt-free, cash-free sale of Mimosa Networks, Inc. (“Mimosa”) to Radisys. Airspan acquired Mimosa in 2018 in order to target low-cost fixed wireless access network connections. Mimosa offers a wide range of point-to-point and point-to-multipoint products based on WiFi 5 and the newer WiFi 6E technologies, as well as related accessories such as twist-on antennas and PoE Injectors. These solutions have applications in 5G and FTTX/FWA backhaul requirements. Mimosa’s biggest customer has been Jio.
Jio’s President stated, “Our collaboration with Airspan has resulted in ground-breaking architectures for high-speed connectivity for both end users and backhaul applications over the years. The acquisition of Mimosa will accelerate Jio’s innovation and leadership in the production of telecom network products that provide value to consumers and businesses around the world through cost-effective, rapidly deployable fixed and mobile broadband.” Airspan’s Chairman and CEO, Eric Stonestrom, stated, “This transaction has piqued our interest. It not only combines a highly 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, allowing the company to pursue 4G and 5G private and MNO networks, which has been our primary focus.”
Reliance Jio Infocomm USA Inc, a wholly owned step-down subsidiary of Jio, is an Airspan shareholder and serves on its Board of Directors. Airspan’s financial advisor was PJT Partners. Airspan’s legal counsel included Cravath, Swaine & Moore LLP and Dorsey & Whitney LLP. Radisys’ legal counsel was Covington & Burling LLP, and its accounting and tax counsel was Ernst & Young. The transaction is subject to regulatory and other customary closing conditions, including a review by the US CFIUS and approval by Airspan’s senior lender, and is expected to close in the third quarter of 2023.