Telstra to join Southern Cross Cable, diluting Spark shareholding

Tue, 18 Dec 2018

By Paul McBeth Dec. 18 (BusinessDesk) - Australian telco Telstra will join Southern Cross Cable Network's SX NEXT project as an anchor customer and take a quarter stake in the trans-Pacific underwater link operator. Telstra will inject new equity for a 25 percent stake in Southern Cross Cables, joining Spark New Zealand, Singtel and Verizon Business in the operating company. It will also take substantial capacity on the existing cable and the new NEXT underwater link. The US$300 million project will lay a new 12,250-kilometre cable t...

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