New Delhi, Dec 20 (UNI) Reliance Communications Ltd(RCOM) today said it has acquired US-based Yipes Holdings Inc for 300 million dollar.
With the acquisition of Yipes, RCOM will accelerate its penetration into the lucrative 100-billion-dollar global enterprise and institutional data services market and will serve its overseas customers directly in the US.
''FCC approval is an important step for Reliance to accelerate its plans to expand Yipes' coverage in the US domestic market. This step also paves the way to extend Yipes' services worldwide over FLAG's global next-generation network, creating significantly more value from our undersea network assets in the strongholds of India, the West Asia and East Asia,'' RCOM President (Global Business) and FLAG Telecom CEO Punit Garg said.
RCOM received a nod from the Federal Communications Commission (FCC), an independent US agency charged with regulating inter-state and international communications by radio, television, wire, satellite, and cable, for the merger of US-based Yipes Holdings, Inc.
The combination of Yipes' enterprise Ethernet services; the private undersea cable system of FLAG Telecom, a subsidiary of the company; and Reliance's commitment to expansion and growth will enable the creation of a global service - delivery platform with unmatched coverage and capability. Yipes' customers will enjoy broader coverage, access to more international markets, and the rollout of new innovative services.