Telstra’s Philippines joint venture falls through

Telco had planned to invest up to US$1b in joint venture with San Miguel Corporation

Negotiations by Telstra and San Miguel Corporation on a potential Philippines joint venture have failed, the telco revealed today.

Telstra had been considering investing up to US$1 billion in a wireless joint venture with the food and beverage conglomerate.

“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,” Telstra CEO Andrew Penn said in a statement.

“While this opportunity is strategically attractive, and we have great respect for San Miguel Corporation and its President Mr Ang, it was obviously crucial that the commercial arrangements achieved the right risk-reward balance for all involved.”

Telstra said it was still interested in offering technical network design and construction consultancy services to San Miguel Corporation if required.

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