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.
- Reuters has this article
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