28 Jul 2010

Funding deal for high-speed cable agreed

7:17 pm on 28 July 2010

A new high-speed fibre optic cable between New Zealand, Australia and the United States is one step closer to reality following a deal between Pacific Fibre and Asian telecommunications firm Pacnet.

Pacific Fibre is backed by entrepreneurs Sam Morgan, Stephen Tindall and Rod Drury.

Mr Drury says the agreement with Pacnet will see them share the cost of building the cable, which is now expected to be about $US400 million.