RelCom completes Yipes acquisition

MUMBAI, INDIA: Reliance Communications Ltd has received approval from Federal Communications Commission (FCC) for the merger of the 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.

RelCom announced the $300 million acquisition of Yipes in July 2007. The transaction was closed on December 19, 2007.

Punit Garg, president, Global Business, Reliance Communications and CEO, 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."

RelCom also plans to invest in the global expansion of Yipes's services and the expansion of Yipes' network coverage beyond existing 14 key US metros.

© CyberMedia News