Singapore Telecommunications, Ltd.
has agreed to purchase Australian’s Cable & Wireless Optus for
$8.3-billion. The Australian telecom accepted SignTel’s offer for 52.5
percent stake, after Vodafone Group PLC pulled out of the bidding race.
"Our strategy is to take the Optus businesses and services forward,
and integrate them into our existing Asian network to deliver improved
services and increase shareholder value," said Lee Hsien Yang, SingTel’s
chief executive.
Commenting on SingTel’s offer, Chris Anderson, chief executive of Optus,
said, "With this proposed transaction, Optus will now grow from being a
successful highly competitive Australian entity to becoming a part of a
formidable regional player of stature, significance, and strength. He added
SingTel offers exciting opportunities throughout the Asia-Pacific region,
particularly in the high growth wireless and data services sectors.
The proposed acquisition must receive approval by Australia’s Foreign
Investment Review Board and other regulators.
SingTel is considering further acquisitions to further expand its
Asian-Pacific footprint. "SingTel will still have significant capacity
for acquisition in the region," chairman Koh Boon Hwee told Reuters at
a press conference.
For more information: http://www.cwo.com.au/newsroom/1,1450,260,00.html
