Its over. Telstra has broken up with its initial talks to San Miguel Corp.
PH Internet users are not happy with this development, but just as it is, the deal is off.
Revealed by Telstra Chief Executive Officer (CEO) Andrew Penn, Telstra and San Miguel Corpo were unable to come to commercial arrangements.
The much-anticipated joint venture has become a hot topic on the Internet last year mainly because there are only two telcos that are in the competition. Having a third one supposedly will heighten the competition and will, therefore, deliver quality service.
Merge PH has the official press release of the Telstra statement.
This failed deal would have given the local telco infra of about P46,400,000 budget from the Australian telco.
For now, Telstra will be looking for another joint venture in other Asian countries.