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Digicel Group has finalised the sale of its Pacific operation to Australian telecommunications company Telstra Corporation Limited that, it said, was paid for with financing from the Australian government, through Export Finance Australia.
“The transaction values Digicel Pacific at up to US$1.85 billion, inclusive of a three-year, US$250-million earn-out,” the telecoms said on Thursday.
Digicel Pacific operates in six markets in the South Pacific, including Papua New Guinea, Fiji, Samoa, Vanuatu, Tonga and Nauru, with a workforce of around 1,700.
“There will be no change to the Digicel brand in the six markets and the current management team will remain with, and continue to lead the business, delivering best-in- class telecommunications services to Digicel Pacific’s valued customers throughout the region,” the telecoms said in a statement.
The telecoms first launched operations in that region in 2005. The sale cuts its markets down to 25 in the Caribbean and Central America.