Rcom receives approval for merger of Yipes holdings

Mumbai, Dec 20 (UNI) Anil Ambani promoted Reliance Communications has received approval from the Federal Communications Commission (FCC) for the merger of US based Yipes Holdings, Inc.

The FCC is an independent United States government agency charged with regulating interstate and international communications by radio, television, wire, satellite, and cable.

RCom announced the USD 300 million acquisition of Yipes in July 2007. The transaction was closed on December 19.

''FCC approval is an important step for Reliance to accelerate its plans to expand Yipes coverage in the US domestic market,'' said Reliance Communications Global Business President and FLAG Telecom CEO Punit Garg.

With the acquisition of Yipes, Reliance will accelerate its penetration into the lucrative USD 100 billion global enterprise and institutional data services market and will able to serve its international customers in the US directly.

UNI