In a statement to the Australian Securities Exchange, Telstra confirmed that it was in talks about a potential transaction to acquire telecommunications company Digicel Pacific in the South Pacific region in partnership with the Australian government.
Telstra said it “was initially approached by the Australian government to provide technical advice regarding Digicel Pacific which is a commercially attractive and essential telecommunications asset in the region. If Telstra were to proceed with a transaction, it would be with government support for risk management.
“In addition to significant government funding and a support program, any investment would also have to meet certain financial parameters, with Telstra’s equity investment being the minor part of the overall transaction.
“Digicel Pacific was founded in 2006 by Denis O’Brien, an Irish entrepreneur, and is a leading provider of communications services in Papua New Guinea, Fiji, Nauru, Samoa, Tonga and Vanuatu.
“Digicel Pacific enjoys a strong market position in the South Pacific region, generating EBITDA of US $ 235 million in 2020 with a strong margin, as well as extensive network coverage,” concludes Telstra.
It is said that the federal government wishes to keep the assets of Digicel Pacific out of Chinese hands.
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