Reliance Communications has received approval from the Federal Communications Commission for the merger of US-based Yipes Holdings, a provider of managed ethernet and application delivery services
The $300 million transaction was closed on December 19, 2007. With the acquisition of Yipes, Reliance will accelerate its penetration into $100 billion global enterprise and institutional data services market and will be better able to serve its international customers directly in the US.
Punit Garg, president of Global Business at Reliance Communications & CEO of Flag Telecom, said: "FCC approval is an important step for Reliance to accelerate its plans to expand Yipes's coverage in the US domestic market. This step also paves the way to extend Yipes's services worldwide over Flag's global next-generation network, creating significantly more value from our undersea network assets in the strongholds of India, the Middle East, and East Asia."
