NEW DELHI: AION Capital Partners Limited (the “AION Fund”) is to acquire a majority interest in PlanetCast Media Services Limited (earlier known as Essel Shyam Communications Limited) from shareholders including affiliates of the Essel Group, the Shyam Group and private equity firm Kubera Partners.
However, the full terms of the transaction were not disclosed. This represents the second transaction affiliates of Apollo Global Management, LLC have done with the Essel Group, having invested $100 million into DishTV in 2009, having successfully exited that investment in 2015.
The AION Fund is an India-focused fund established by an affiliate of Apollo together with ICICI Venture Funds Management Company Limited. With approximately US$825 million in committed capital, AION Fund is currently one of the largest private equity funds in India.
Founded in 1996, PlanetCast is a professionally managed, market-leading provider of technology-led managed services to the broadcasting industry in India and neighbouring countries, with a rapidly growing footprint across Southeast Asia.
PlanetCast provides comprehensive, customized solutions across content management operations (including storage, enrichment and automated play-out) and distribution (including satellite broadcasting, digital streaming and cloud distribution). Following the acquisition by the AION Fund, PlanetCast will continue to be led by the current management team.
"We are excited for the AION Fund to acquire PlanetCast" said AION Fund partner Utsav Baijal. “We believe PlanetCast is a market leading franchise that delivers best-in-class digital media solutions to its customers. We look forward to working with PlanetCast’s talented and dedicated team to continue the business's strong heritage of innovation and customer satisfaction”
“We are pleased to have sponsored PlanetCast during this period of significant growth and transformation. PlanetCast’s foundation as a leader in the broadcasting services industry, position the company well for its new ownership under the AION Fund,” PlanetCast promoter Jawahar Goel said.
PlanetCast Executive Director M N Vyas said, “We are grateful to our existing shareholders for all the support and guidance to date and look forward to our relationship with the AION Fund”.
Executive Director Lalit Jain added that “We believe that under the new leadership, PlanetCast can build on its industry leadership position and invest in emerging technologies to become the leading service provider to both the traditional and digital media economy”.
