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
 
 
 
Top Stories
NSW to build its own myGov
Service NSW digital profiles available by September.
 
Android bug leaves a billion phones open to attack
Hackers only need phone number to target devices.
 
Australia's leaders agree to end GST-free online goods
Gerry Harvey may finally get his way.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Should law enforcement be able to buy and use exploits?



   |   View results
Yes
  13%
 
No
  51%
 
Only in special circumstances
  17%
 
Yes, but with more transparency
  19%
TOTAL VOTES: 715

Vote