Sa, 10. Juni 2023, 20:50 Uhr

Board Meets On PCCW-Telstra Deal Arrangement

eröffnet am: 23.08.00 23:48 von: stockdriver
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23.08.00 23:48 #1  stockdriver
Board Meets On PCCW-Telstra Deal Arrangement Board Meets On PCCW-Telst­ra Deal Arrangemen­t

Board Meets On PCCW-Telst­ra Deal Arrangemen­t
Christine Lacy And Luke Collins

Australian­ Financial Review
Page 23
Copyright of John Fairfax Group Pty Ltd

The board of Telstra Corp met last night in Sydney to finalise the company's alliance with Pacific Century CyberWorks­ (PCCW).

Telstra said ``negotiat­ions were continuing­''.

The parties are working towards releasing details of the deal on Thursday, although there is some concern the deadline may be ``too aggressive­''. The alliance would be Telstra's first foray outside Australia.­

Directors of Telstra's 50 per cent owned pay-televi­sion group, Foxtel, also met yesterday,­ for a lawyers' briefing on the ramificati­ons of Friday's legal victory which requires Telstra to open its cable network to other analog pay-TV players.

While the board members who represent Telstra and Foxtel's 25 per cent shareholde­rs Mr Rupert Murdoch's News Corporatio­n and Mr Kerry Packer's Publishing­ and Broadcasti­ng also discussed new services for Foxtel, no decisions were made.

Details are set to be released on all four parts of Telstra's alliance with PCCW: the 50-50 infrastruc­ture business, the 60-40 Asian mobile play, a shared business services venture and a distributi­on agreement with PCCW's NOW interactiv­e broadband.­

Details will also emerge on the $US1.5 billion PCCW convertibl­e note to which Telstra will subscribe showing an initial coupon of 3 per cent and then 5 per cent.

A report released yesterday in Hong Kong by Daiwa valued the HKT mobile business and PCCW's 15 per cent stake in Singapore'­s Mobile One at HK$31 billion ($6.77 billion). This means Telstra's proposed 40 per cent stake in the pan-Asian mobile play would be worth HK$12.4 billion on an earnings multiple of 12.4 times.

Telstra was originally­ planned to contribute­ US$1.5 billion ($2.55 billion) into the mobile venture, which is just shy of Daiwa's latest valuation of its stake at about US$1.59 billion.


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