USD420 million bid for AAPT from Pacnet

2 Dec 2008

Reuters is reporting that Pacnet, the company formed by the merger of Asia Netcom and Pacific Netcom, has tabled a bid of USD420 million for Australian telco AAPT. Citing sources close to the companies, the report suggests that AAPT, a subsidiary of Telecom New Zealand, is a target for Pacnet as the latter looks to round out its Asia-wide telecoms network. The offer is expected to be financed with cash and equity, and it is believed that the company may consider an initial public offering (IPO) as soon as next year.

Australia, AAPT, Pacnet