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AION Capital Partners Ltd have agreed to acquire a majority interest in PlanetCast Media Services Limited (earlier known as Essel Shyam Communicationsfrom shareholders including affiliates of the Essel Group, the Shyam Group and private equity firm Kubera Partners.
The terms of the transaction were not disclosed. The AION Fund is an India-focused fund established by an affiliate of Apollo together with ICICI Venture Funds Management Company Limited. The AION Fund, with approximately US$825 million in committed capital, 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 neighboring 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.
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