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Telstra in Talks to Buy Undersea Cable Operator Pacnet

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Telstra Corp., Australia’s largest phone company, is in talks to acquire Pacnet Ltd., which operates undersea cables through Asia and across the Pacific Ocean.

There’s no certainty that any transaction will take place, the Melbourne-based company said in a regulatory statement today, responding to a Bloomberg News report that the two companies are nearing an agreement. Pacnet’s owners were seeking a valuation of about $1 billion including debt, people with knowledge of the sale process said in June.