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Excerpt:
Reliance Communications Completes Acquisition of US-based Yipes Holdings, Inc. Through FLAG Telecom

Reliance Communications Ltd. received approval from the Federal Communications Commission (FCC) for the merger of U.S.-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. Reliance Communications announced the U.S. $300 million acquisition of Yipes in July 2007. The transaction, closed on December 19, 2007, is a key milestone in Reliance Communications’ plan to become a global data communications leader.

“Yipes has always been a leader in providing innovative technology and first-class services to its customers. Our acquisition by Reliance will enable us to extend our technology to enterprise customers around the world while maintaining our customer service commitments,” said John Scanlon, chief executive officer of Yipes. “Our rapid global expansion will allow us to secure a larger share of the business Ethernet services market, the fastest growing segment of the data services market, which is projected to climb to $30.7 billion by 2012.” (Market data from Vertical Systems Group, “Worldwide Business Ethernet Services,” 10/11/07.)

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