After buying Tyco’s global fiber optic network, VSNL, a division of Tata Teleservices is snapping up Teleglobe, a Bermuda based company that does most of its business out of Canada. It is a player in the VoIP space. TeleGlobe acquired IXTC earlier. VSNL is paying $239 million for Teleglobe, in an effort perhaps to fill its pipes, and offer connectivity between India and North America. Since Teleglobe trades on Nasdaq, this
is a could be a reverse merger of sorts, making VSNL the first Indian owned telecom to trade on the Nasdaq exchange. Still waiting to hear from the folks over at VSNL.