Reliance Buys Yipes For $300 MM

Reliance Communications, India's second-biggest mobile services provider, has signed an agreement to acquire US-based Yipes for $300 million.

Reliance Communications, which competes with top mobile company Bharti Airtel and Vodafone-controlled Hutchison Essar in the world's fastest growing mobile market, has more than 35 million subscribers, including fixed-line and Internet.

Acquisition of Yipes -- an ethernet and application delivery services provider -- to give Reliance Communications footprint in the US market. Pramod Haque of Norwest Ventures partners is said to be joining the company.

Source: IndiaTimes