Telstra completes $697m purchase of Pacnet

17 Apr 2015
00:00

As part of the acquisition, Telstra has revealed plans to refinance Pacnet's outstanding debt, by repaying the company's bank debt and redeeming all the company's $350 million high-yield notes.

Telstra first revealed plans to acquire Pacnet in December. Hong Kong and Singapore based Pacnet operates 109 PoPs across 61 cities in APAC, and 8 in the US and Europe. The company also controls two fiber pairs on the Unity trans-Pacific subsea cable network.

Telstra has separately revealed plans to more than double the number of hotspots in operation for its trial nationwide Wi-Fi network in its home market of Australia.

More than 1,500 new hotspots will be added to the 1,100 in operation. The trial forms part of Telstra's A$100 million ($78 million) project to deploy one of the world's largest Wi-Fi networks, consisting mostly of hotspots provided by the operator's broadband customers in exchange for use of the network.

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