Clearwater, Spinnaker and Ashmore Agree to Sell Pacnet to Telstra for US$697 Million (Asia)

Source: Telstra, Asian Venture Capital Journal | Author(s): Tim Burroughs

Credit and special situations investment firm Clearwater Capital Partners, emerging markets investment manager Spinnaker Capital Group and emerging markets fund manager Ashmore Investment Management have agreed to sell Hong Kong- and Singapore-based undersea cable provider Pacnet to Australia-based telecommunications company Telstra for US$697 million, including US$400 million in debt. The transaction is subject to regulatory approval and is expected to be completed by mid-2015. Clearwater, Spinnaker and Ashmore originally acquired Pacnet—then known as Asia Netcom—in 2006 for US$402 million.