Telstra Corp., Australia’s biggest phone company, is in talks with the Philippines’ San Miguel Corp. about investing in a wireless joint venture in the Southeast Asian country.
“No agreements have been reached in relation to these matters and there is no certainty” that a deal will occur, Telstra said in a regulatory statement Friday. The Melbourne-based company was selecting banks for expansion in the Philippines, according to a headline on subscriber-only website TMT Finance.
San Miguel, the Philippines’ largest company with investments spanning food, packaging, energy and beer, said last month it would pay 5.75 billion pesos ($123 million) for a 51 percent stake in Liberty Telecoms Holdings Inc.
Telstra Chief Executive Officer Andy Penn has described Asia as a key part of his growth strategy, and the company spent $697 million last year buying Pacnet Ltd. to gain access to its undersea cables connecting Asia and the Pacific.