Indonesia's Telkom decides to pass on buying Pacnet

Telkom Indonesia (NYSE: TKL) has decided to not shell out $1 billion for submarine cable operator Pacnet.

"We cancel our plan to buy Pacnet because it doesn't bring added value to the company," Telkom CEO Arif Yahya was quoted by Reuters as satiung,

In May, Telkom had made a bid to purchase Pacnet.

The submarine cable operator, which is jointly owned by Ashmore Investment Management and Clearwater Capital Partners, decided to put it up for sale in 2011 after its IPO plan was shelved due to the troubled economy.

Pacnet had asked  Credit Suisse (SIX: CSGN) and Goldman Sachs (NYSEL GS)to oversee a deal for the company.

For more:
 - Reuters has this article

Related articles:
Submarine cabling boom drives down bandwidth prices in high cost regions
Pacnet, Infinera demonstrate 500G superchannel transmission
Vodafone NZ becomes Pacific Fibre's largest New Zealand customer
Pacific Fibre employs TE Subcom to build its trans-Pacific submarine cable system

Suggested Articles

While U.S. hyperscale revenue grew 11% year over year, the supply chain for data center equipment used by hyperscalers had a rocky quarter, according

Equinix has achieved Google Cloud Premier Partner status, which enables both companies' customers to more easily connect their data in Google Cloud.

In order to better help its customer deal with Covid-19 related issues, BT altered the course of its Global Research and Innovation Programme.