PT Telekomunikasi Indonesia has withdrawn a bid to take over a majority stake in undersea cable operator Pacnet Ltd, The Jakarta Post reports.
Telekom president Arief Yahya stated, “We think that it will not give the added value that we were expecting.”
Pacnet, which owns the EAC Pacific network stretching 9,620 kilometers from Japan and the US, reportedly has a value of US$1 billion.
Despite the decision not to proceed with the acquisition, Arief said that the company continues the search to expand its business internationally.
He added that Telkom would be ready to finance any acquisitions as the company has had a healthy financial performance.
[mappress] Subsea World News Staff , June 22, 2012; Image: Pacnet