Asia Netcom to acquire Pacific Internet

Asia Netcom to acquire Pacific Internet

Regional bandwidth carrier Asia Netcom has won its battle to acquire Pacific Internet.

ANC parent Connect Holdings Ltd announced Thursday Singapore VoIP company Media Ring had accepted the new cash offer of US$11 per share, up from the previous offer of $10.

ANC chief executive Bill Barney said the acquisition would give the carrier a footprint in southeast Asia and India which it didn't currently have.

"It fills out the portfolio," he said. "It's not a perfect fit - it has a large consumer business, but it's fairly difficult to find an exact fit in Asian business."

Nasdaq-listed Pac Net, one of the original three Singapore ISPs, provides business data services to enterprises in southeast Asia and India.

It is the latest in a spate of carrier acquisitions by private equity firm Connect, which has bought 100% of Asia Netcom and C2C in the past 18 months.