Telstra in talks with San Miguel for venture

Telstra has confirmed it is in talks with the Philippines’ San Miguel about investing in a joint venture in the country.

The move, which could see Telstra invest in building a mobile network, is the latest in a series of Asian investments by the telco in recent years. 

The companies said discussions have reached a point in which that financing is presently being sought. However, Telstra added: “No agreements have been reached in relation to these matters and there is no certainty that this will occur.” 

San Miguel is reportedly the largest food, beverage and packaging company in the Philippines and Southeast Asia. The company revealed last month that it is paying $123 million (5.75 billion pesos) for a 51% stake in Liberty Telecoms Holdings.

Last December, Telstra acquired Pacnet in a deal valued at $697 million in a bid to strengthen its wholesale and enterprise offerings in Asia. 

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