Telstra cancels US$1 billion wireless joint venture

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Telstra cancels US$1 billion wireless joint venture

Telstra announced it was unable to reach commercial arrangements with San Miguel Corporation for an equity investment in a wireless joint venture in the Philippines.

In 2015, Telstra stated that there were plans of investing up to US$1 billion into the possible joint venture.

Telstra chief executive Andrew Penn said: "Despite an enormous amount of effort and goodwill on all sides, we were simply unable to come to commercial arrangements that would have enabled us all to proceed."

Penn stated that both companies were unable to achieve the right risk-reward balance for all parties involved.

According to Telstra, the telco will continue offering San Miguel Corporation technical network design and construction consultancy support if required.

"We continue to pursue growth opportunities in Asia consistent with our strategy. Following our April 2015 acquisition of Pacnet, Telstra is now one of the largest connectivity providers in Asia," added Penn.

Telstra's acquisition of Pacnet was followed by the announcement of a vulnerability exposing thousands of customers.

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