Zee Entertainment Enterprises Limited (NSEI:ZEEL) entered into agreement to acquire Big Magic Limited from Reliance Broadcast Network Limited for INR 2.4 billion on November 23, 2016. Under the terms of the agreement, the consideration involves issue of 1.7 million preference shares worth INR 17 million and debt of INR 2.4 billion. In related transactions, Zee Entertainment Enterprises Limited entered into agreement to acquire Azalia Broadcast Pvt Ltd. from Reliance Broadcast Network Limited for INR 63 million and Zee Entertainment Enterprises Limited entered into agreement to acquire Reliance Big Broadcasting Pvt Ltd. from Reliance Broadcast Network Limited for INR 490 million. Big Magic Limited reported turnover of INR 589.4 million for the year ended March 31, 2016. The Board of Directors of Zee Entertainment Enterprises Limited and Reliance Capital approved the transaction. The transaction is subject to approval by equity and preference shareholders of Zee Entertainment Enterprises Limited, Securities and Exchange Board of India, Stock Exchanges, Regional Director of Ministry of Corporate Affairs, the Jurisdictional High Court at Mumbai, Ministry of Information and Broadcasting and any other authority as may be required. As on May 9, 2017, Zee Entertainment Enterprises Limited shareholders approved the transaction. On July 13, 2017, Mumbai High Court approved the transaction. The transaction is expected to close by July 31, 2017. Acquisory Consulting LLP acted as financial advisor, KPMG acted as tax advisor, IDBI Capital Market Services Limited acted as fairness opinion advisor and Deepak THM, Anshul Jain Sundeep Dudeja and Kanika Chaudhary Nayar of Luthra & Luthra Law Offices acted as legal advisor for Zee Entertainment Enterprises Limited. EY acted as financial advisor and Siddharth Hariani, Aditya Bhargav, and Yashna Shrawani of Phoenix Legal acted as legal advisor for Reliance Broadcast Network Limited. B S R & Associates LLP acted as an accountant for Zee Entertainment Enterprises Limited and Big Magic Limited in the transaction.