BULLETIN: PCCW, Telstra Finalize Partnership

Hong Kong Internet company Pacific Century CyberWorks Ltd. on Thursday announced final agreement on a US$3 billion partnership with Australian telecommunications carrier Telstra Corp. to create joint ventures in Internet backbone capacity, data center services and wireless communications and content.

The terms announced today were essentially the same as those outlined in a memorandum of understanding reached April 13, with the exception that they left Telstra's mobile-phone subscriber base and PCCW's interest in Singapore wireless consortium Mobile One Asia Pte. Ltd. out of the wireless joint venture.

PCCW executives said they expect regulatory and shareholder approval to be reached by year's end.

More to come.

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