Pacnet hoses down AAPT bid rumours

 

Looked twice, no dice.

Pacnet has ruled itself out as a bidder for Telecom NZ subsidiary AAPT, at least in the "near future", according to chief executive Bill Barney.

"We did look at AAPT twice, but for our ambitions in this market, we're finding better results by growing organically," Barney told an event in Sydney yesterday.

He said AAPT was a "fantastic" company and he believed it would find a prospective suitor - but it won't be Pacnet.

Barney did not rule out looking at AAPT's business again in the future.

"We didn't say no to an AAPT acquisition in the future," Barney clarified. "We said no AAPT in the near future. Who knows what the [long-term] future holds?"

Telecom NZ chief executive Paul Reynolds said in April that TNZ would give "serious consideration" to any offer to buy AAPT if it was deemed to be in the interest of shareholders.

The sale could generate up to $440 million according to estimates.

Various firms have been rumoured to be circling AAPT, including TPG Telecom, Optus and a private equity firm.


Pacnet hoses down AAPT bid rumours
 
 
 
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