Pacnet bidding for AAPT: report

Summary:Asia-Pacific telco Pacnet has offered Telecom New Zealand US$420 million for its Australian subsidiary AAPT, according to Reuters.

Asia-Pacific telco Pacnet has offered Telecom New Zealand US$420 million for its Australian subsidiary AAPT, according to Reuters.

Citing sources, Reuters reported this morning that Pacnet wanted to buy the telco, Australia's third-largest, to round out its broader Asia network as it examined the possibility for an initial public offering in the near future.

In 2006 Telecom New Zealand conducted a strategic review of AAPT, which included the option to sell the business, however it decided to keep the subsidiary, instead bulking up its operation with the acquisition of smaller Australian telco Powertel.

When contacted on the matter, Both Telecom New Zealand and AAPT told ZDNet.com.au that they did not comment on speculation.

"We're fully committed to the business," a spokesperson for Telecom New Zealand added.

More to follow.

Topics: Telcos, AAPT, Tech Industry

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