Telstra has completed its acquisition of Asian telecommunications company Pacnet, and now plans to retire the brand, the company has revealed.
Telstra announced in late December last year that it had entered into an agreement to purchase Pacnet in a deal worth $697 million.
The agreement would see Telstra significantly expand its operations in Asia, with Pacnet operating in 11 countries throughout Asia, Australia, the United States, and the United Kingdom, with 815 employees.
The company also has an extensive fibre network, 109 points of presence in Asia, the US, the UK, and Australia, and 29 interconnected datacentres. The company boasts more than 2,400 customers.
On Thursday, Telstra group executive for global enterprises and services Brendon Riley said that Telstra had finalised regulatory and financier approvals, and now plans to integrate Pacnet into Telstra.
"The addition of Pacnet's staff, infrastructure, technology, and expertise will position Telstra as a leading provider of services to multinational and large companies in Asia," Riley said in a statement.
"The completed acquisition will double Telstra's customers in Asia, and greatly increase our network reach and datacentre capabilities across the region. The acquisition provides us greater specialisation and scale, including the delivery of enhanced services, such as software-defined networking, and opens up significant incremental opportunities for our business."
The company is still awaiting regulatory approval for the integration of Pacnet's US assets, and Telstra plans to continue its joint venture in China.