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Indonesia's Telkom bids for cable operator Pacnet-sources
May 8, 2012 / 5:35 AM / in 6 years

Indonesia's Telkom bids for cable operator Pacnet-sources

JAKARTA, May 8 (Reuters) - PT Telekomunikasi Indonesia , the nation’s biggest telecom firm, has submitted a bid to buy Asia’s leading undersea cable operator Pacnet Ltd, in a deal that could value Pacnet at about $1 billion including debt, sources said on Tuesday.

Telkom submitted the bid last week after it reviewed Pacnet’s business over the past few months, said one of the sources with direct knowledge of the matter, who declined to be identified because they were not authorized to speak to the media.

Pacnet, owned by groups including Ashmore Investment Management and Clearwater Capital Partners, put itself for sale last year after its IPO plan was hit by choppy markets, but the sale stalled after it received lower-than-expected offers in the initial round of bidding, sources told Reuters early this year.

Pacnet has appointed Credit Suisse and Goldman Sachs to advise the sale. Telkom declined to comment while Pacnet was not immediately available for comment. (Reporting by Janeman Latul; Additional reporting by Fathiya Dahrul, Denny Thomas in Hong Kong; Editing by Neil Chatterjee and Muralikumar Anantharaman)

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