Pacnet looking to acquire

Pacnet looking to acquire

Summary: Asia-pacific telco Pacnet this week declined to confirm or deny its reported US$420 million bid for Telecom New Zealand subsidiary AAPT, saying only that it has been searching for buying opportunities in the region.

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TOPICS: Telcos, AAPT
2

in brief Asia-pacific telco Pacnet this week declined to confirm or deny its reported US$420 million bid for Telecom New Zealand subsidiary AAPT, saying only that it has been searching for buying opportunities in the region.

"Pacnet has an aggressive growth strategy and will continue to explore various opportunities around the region to further strengthen our corporate portfolio," a spokesperson for the telco told ZDNet.com.au, adding that any acquisitions or partnerships would be announced at an "appropriate" time.

Telecom New Zealand and AAPT have also declined to comment on whether a bid for the telco had taken place.

According to Reuters, who broke the news on the possible takeover, Pacnet wanted to buy AAPT to round out its Asia network as it looked to list in the future.

Topics: Telcos, AAPT

Suzanne Tindal

About Suzanne Tindal

Suzanne Tindal cut her teeth at ZDNet.com.au as the site's telecommunications reporter, a role that saw her break some of the biggest stories associated with the National Broadband Network process. She then turned her attention to all matters in government and corporate ICT circles. Now she's taking on the whole gamut as news editor for the site.

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2 comments
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  • Red faced

    There are limits to credibility and PacNet is right out there. This article in New Zealand's Dominion Post from Paul Reynolds says it all :-

    Telecom chief executive Paul Reynolds said suggestions Asian telco Pacnet might acquire Telecom's Australian subsidiary AAPT should be taken with a pinch of salt.

    Pacnet chief executive Bill Barney said Pacnet was interested in acquiring AAPT, but felt the valuation of Australia's No3 phone company had come down since December, when it reportedly offered A$420 million (NZ$520m) for the company.

    Mr Reynolds told The Dominion Post no offer had been made for AAPT.

    "Pacnet are trying to buy telcos on four continents, yet no-one has ever heard of them."

    Mr. Barney .. change your medications !
    anonymous
  • PacNet and their ambitions

    I have to chuckle at these press releases. As an insider it is common knowledge that PacNet's CEO makes the most outlandish and ridiculous statements yet the press is oblivious to the absurdities..

    Take one second to think about the source of PacNet's cash for their "aggressive acquisitions". They are a barely break even operation and they are majority owned by Ashmore Investments which lost (depending on the fund) over 50% of their investors equity in the last 12 months.

    Does this look like a company who has aggressive expansion plans or one that is struggling to survive ?
    anonymous