ADAG’s Reliance Globalcom acquires UK-based Vanco
on May 26th, 2008 at 10:29 amNew Delhi (PTI): Anil Ambani group’s global telecom arm Reliance Globalcom on Monday announced acquisition of UK-based managed network service provider Vanco for a consideration of Rs 327 crore (76.9 million dollar).
The deal comes amid the Indian conglomerate starting exploratory talks for another overseas telecom acquisition, that of South African mobile major MTN, currently valued at over 35 billion dollars.
Reliance Globalcom said that the acquisition of Vanco would add 365 million dollars (Rs 1,550 crore) to its annual revenue and would expand its managed network footprint to 163 countries.
Vanco figures among the world’s top five managed global network players with over 220 multi-national customers, including British Airways, Siemens and Virgin Megastores.
“Under the acquisition agreement, Reliance Globalcom would pay 76.9 million dollar to acquire 100 per cent equity of Vanco Group Ltd free of debt.”
Reliance Globalcom is a subsidiary of ADAG’s telecom arm Reliance Communications.
“The acquisition of Vanco is in line with Reliance Globalcom’s vision to create one of the top five global datacommunications enterprises in the world,” Reliance Communications Chairman Anil Ambani said in a statement.
