7 Apr 2011

Pacific Fibre goes it alone

7:54 am on 7 April 2011

The company behind a planned high-speed trans-Pacific internet cable will build the undersea network on its own, after its planned joint venture fell over.

Pacific Fibre revealed the memorandum of understanding with Hong Kong based PacNet expired earlier this year.

It has now put out a tender to selected submarine cable layers to build the network between Australia, New Zealand and the United States, which is estimated to cost about $US350 million.

Pacific Fibre chief executive Mark Rushworth says it was a mutual agreement between both parties to let the agreement lapse.

The company says it remains on track to finance and complete the project by 2013.

Pacific Fibre has attracted high profile backers, including Sam Morgan, Stephen Tindall, David Kirk, MYOB founder, Craig Winkler and PayPal's Peter Thiel.