Telecom:Reliance Communications R COM buys Vanco for $77 mn
Reliance Communications Ltd, India’s No.2 mobile operator, said on Monday its Reliance Globalcom unit has bought UK-based global managed network services provider Vanco for $77 million.
Reliance Communications, which earlier on Monday said it had started exclusive talks with South Africa’s MTN Group that could create a $63 billion telecoms giant, said the acquisition of Vanco would add $365 million in annual revenue.
Reliance Globalcom will pay $76.9 million for “100 percent equity of Vanco Group free of debt”, the Indian firm said in a statement.
