RIL, Disney sign non-binding agreement: Report
As per media reports, Reliance is looking at finalising the merger deal with The Walt Disney Company by January-end
Reliance Industries Limited (RIL) and The Walt Disney Company signed a non-binding term sheet last week, says a media report quoting sources.
Reliance is looking at finalising the deal by January-end but the regulatory approvals and commercial ratifications could be coming around in February, the report said.
The signing that took place in London was attended by Kevin Mayer, who was brought back in an advisory role for the network's TV business. From the RIL side, Mukesh Ambani's close aide Manoj Modi was present for the sigining of the agreement.
In October, it was reported that Disney was nearing a cash and stock merger deal to sell its India business to Reliance Industries.
The deal is said to be a 51:49 stock-and-cash merger going in favour of RIL.
As per the report, there is possibly a 45-60-day exclusivity period that can be extended.
The development comes close to the Zee-Sony merger making some headway due to Sony agreeing to discuss an extension in the deadline for the deal.
