RCom completes takeover of Yipes Holdings

Anil Ambani group company Reliance Communications today said it has completed the acquisition of US-based Yipes Holdings in an deal valued at around Rs 1,200 crore.

The acquisition, which was announced in July this year, would give the company access to a Rs 4,00,000 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, Asia and India. By synergizing Flag and Yipes, Reliance is poised to become the global leader in Ethernet, which is expected to reach Rs 1,00,000 crore ($25 billion) market by 2010, it said.