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Telstra buys Pacnet for US$697m to boost expansion in Asia

Wednesday, December 24, 2014 - 05:50

Melbourne

TELSTRA Corp will acquire Pacnet Ltd, which operates undersea cables through Asia and across the Pacific Ocean, as Australia's largest phone company seeks to expand in the region.

The US$697 million transaction, which includes gross debt of about US$400 million, will be

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