Telstra buys Pacnet private submarine cable owner at US$697

Australian telecom Telstra said it has agreed to buy Pacnet, Asia's biggest privately owned submarine communication cable owner for US$697. This will be one of the largest acquisition in Asia in the telco industry.

Pacnet offers submarine communication cable network services, as well as data-centre services to carriers, governments and multinationals across the Asia-Pacific region. The company has a network of 29 interconnected data centres in 17 cities across Asia, Pacnet has the region's largest privately-owned submarine cable network.