PCCW, TELSTRA ANNOUNCE IP BACKBONE JOINT VENTURE
Business In Asia Today - August 24, 2000
PR Newswire
SYDNEY - A 50/50 joint venture to create a global Internet Protocol (IP) backbone business backed by debt of up to US$1.75 billion has been announced by Telstra Corp Ltd (ASX:TLS) and Hong Kong's Pacific Century Cyberworks Ltd (PCCW). As part of in principle agreements reached by the two, the joint venture, to be known as IP Backbone Co, will be developed as an independent company ahead of an intended float. IP Backbone is intended to be the sole vehicle for the worldwide execution of Telstra's and PCCW's cross border connectivity structure, under a pan-Asian alliance between the two announced on April 13. PCCW and Telstra will inject debt of up to $US1.125 billion ($A1.94 billion) and $US625 million in the backbone company, respectively, Telstra said.
Business In Asia Today - August 24, 2000
PR Newswire
SYDNEY - A 50/50 joint venture to create a global Internet Protocol (IP) backbone business backed by debt of up to US$1.75 billion has been announced by Telstra Corp Ltd (ASX:TLS) and Hong Kong's Pacific Century Cyberworks Ltd (PCCW). As part of in principle agreements reached by the two, the joint venture, to be known as IP Backbone Co, will be developed as an independent company ahead of an intended float. IP Backbone is intended to be the sole vehicle for the worldwide execution of Telstra's and PCCW's cross border connectivity structure, under a pan-Asian alliance between the two announced on April 13. PCCW and Telstra will inject debt of up to $US1.125 billion ($A1.94 billion) and $US625 million in the backbone company, respectively, Telstra said.
