Telkom Indonesia’s bid for Pacnet has fallen apart, Telkom CEO Arif Yahya said according to Reuters.
The CEO told reporters that Pacnet would not add value to Telkom, which is why it decided to drop the acquisition plans for the Asian undersea cable…
Telkom Indonesia’s bid for Pacnet has fallen apart, Telkom CEO Arif Yahya said according to Reuters.
The CEO told reporters that Pacnet would not add value to Telkom, which is why it decided to drop the acquisition plans for the Asian undersea cable operator.
Telkom was said to have offered US$1bn for Pacnet including debt.
Pacnet was put up for sale last year by private equity owners Ashmore Investment Management and Clearwater Capital Partners after a failed attempt to list the business. Credit Suisse and Goldman Sachs are advisers to the sellers.
Telkom previously announced intentions to expand across Asia and had, in late 2010, been close to acquiring a stake in Cambodian mobile operator CamGSM. This deal failed on valuation issues.
Telkom was not available for comment before the press deadline.
