Telecom New Zealand, Vodafone, Telstra Intend to Invest in New Submarine Cable
February 18 2013 - 3:45PM
Dow Jones News
By Rebecca Howard
WELLINGTON--Telecom Corp. of New Zealand Ltd. (TEL.NZ), Telstra
Corp. (TLS.AU) and Vodafone Group PLC's (VOD.LN) local unit said
Tuesday they have signed a non-binding memorandum of understanding
to invest in the construction of a new submarine telecommunications
cable between Auckland and Sydney.
The total cost of the new cable is expected to be less than 60
million New Zealand dollars ($51 million) and will incorporate
approximately 300 times the current internet data demand out of New
Zealand.
The partners expect to finalize the design within the next few
months with a likely completion data of mid to late 2014.
-Write to Rebecca Howard at rebecca.howard@wsj.com
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