1989-2007 Asia Netcom In 1999,
Global Crossing,
Microsoft and
Softbank started
Asia Global Crossing as a venture to build a US$2 billion cable system, East Asia Crossing (EAC), to connect key Asian markets. In 2000, Asia Global Crossing was listed on
NASDAQ, before its listing was moved to
NYSE in 2001. Following the dotcom crash, Asia Global Crossing filed for bankruptcy protection in 2002, and was subsequently delisted from NYSE. To raise additional funding to continue operations, the company sold its assets to a consortium led by
China Netcom, Newbridge Capital and Softbank Asia Infrastructure Fund for US$120 million, forming
Asia Netcom. In late 2003, China Netcom acquired 100 percent of Asia Netcom, and the wholly owned subsidiary became part of the China Netcom's public listing on NYSE and
SEHK in 2004. In 2006, China Netcom sold Asia Netcom to Connect Holdings Limited, an investor group consisting of Ashmore Investment Management Limited, Spinnaker Capital Limited and Clearwater Capital Partners, for US$402 million. In 2007, Asia Netcom's EAC merged with C2C, another submarine cable network owned by Connect Holdings, to form a 36,800 km submarine cable network, EAC-C2C.
Pacific Internet In 1989,
TechNet was started as a research and development computer network for use by academia at the
National University of Singapore. Funded by the
National Science and Technology Board of Singapore (NSTB), it became Singapore's first Internet Service Provider. In 1995, it was acquired by
SembMedia, a division of Singapore conglomerate
Sembawang Group, and renamed
Pacific Internet Corporation Private Limited. In September the same year, Pacific Internet began its commercial operations in Singapore. In 1996, Pacific Internet expanded into Hong Kong via an acquisition, increasing its equity stake in the ISP to 100 percent in 1999. In 1997, the company commenced its Philippines operations through a local partner, which was acquired by Pacific Internet a year later. On 5 February 1999, Pacific Internet launched its initial public offering of shares on NASDAQ at a price of US$17 per share. In the same year, the company started its Australian operations with the acquisition of two ISPs, and launched Pacific Internet India, a joint venture unit of Pacific Internet Limited. In 1999, Pacific Internet acquired Australian Zip World, started in Glebe, Sydney. In 2000, Pacific Internet expanded into six major cities in Australia through further acquisitions of Australian ISPs. The company also forayed into Thailand, where it made another acquisition and started its Thailand operations. Two years later, Pacific Internet set up operations in Malaysia In 2007, Pacific Internet was acquired by Connect Holdings, after which, it was delisted from NASDAQ. On 12 October 2016, the remaining Pacific Internet in Singapore was acquired by
CITIC Telecom International Holdings Limited in Hong Kong.
2008: Operational merger and rebranding On 8 January 2008, Asia Netcom and Pacific Internet merged under a new corporate name, Pacnet Limited, and adopted a new logo. The company also completed the acquisition of the remaining shares of Pacific Internet later that year.
2014-18: Acquisition by Telstra, Acclivis It was announced on 23 December 2014 that Pacnet would be acquired by
Telstra, Australia's largest telecommunications and media company. Telstra's acquisition of Pacnet was expected to be completed by mid-2015, and includes interests in its China joint venture, Pacnet Business Solutions (PBS), licensed to operate a domestic Internet Protocol
Virtual Private Network and provide data centre services in most major provinces in China. Telstra announced the completion of the acquisition in April 2015. In November 2015 – SGX-Catalist listed DeClout Limited has signed a deal with Pacnet Internet (S) Pte Ltd ("Pacnet Internet Singapore"), a subsidiary of Telstra Corporation Limited ("Telstra"), Australia's leading telecommunications company, to acquire certain Internet Service Provider assets and business in Singapore and Thailand from Pacnet Internet Singapore. Upon the completion of the acquisition, the acquired assets were merged with Acclivis’ existing ISP business, OSINet, and together, rebranded as Pacific Internet, allowing Acclivis to broaden its offerings and achieve further economies of scale in the ISP segment. In July 2018, Telstra Global is closing Pacnet and migrating users to Telstra's network. == Submarine communications cable network ==