Reliance communications acquires Yipes Holdings

Reliance communications acquires Yipes Holdings
PTI
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First Published: Sun, Dec 16 2007. 06 23 PM IST
Updated: Sun, Dec 16 2007. 06 23 PM IST
New Delhi: Anil Ambani group company Reliance Communications on 16 December said it has completed the acquisition of US-based Yipes Holdings in a deal valued at around Rs1,200 crore.
The acquisition, which was announced in July this year, would give the company access to a Rs400,000 crore global enterprise data market, RCom said in a statement.
It has received all necessary approvals from the US Federal Communications Commission (FCC) for the transfer of control of Yipes, the statement added.
Yipes has strategic network presence in the top 14 US metros, which account for 40% of the total US datacom market and also has nearly 1,000 enterprise customers.
The company would expand Yipes presence to 40 new markets globally including Middle East and Asia, including India. By synergizing Flag and Yipes, Reliance is poised to become the global leader in Ethernet, which is expected to reach Rs100,000 crore ($25 billion) market by 2010, it said.
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First Published: Sun, Dec 16 2007. 06 23 PM IST