Warburg-backed fibre broadband provider Converge ICT Solutions Inc said on Monday it is holding talks with Elon Musk’s SpaceX on a potential broadband satellite venture in the Southeast Asian nation.
In a stock exchange disclosure, Converge said it is looking at satellite technologies, including that of Space Exploration Technologies Corp., to provide high-speed internet to remote Philippine locations. “However, it is still very premature to talk about a possible partnership between Converge and SpaceX at this stage,” it said, confirming news reports over the weekend.
SpaceX did not immediately respond to an e-mailed request for comment.
Converge’s shares surged as much as 20% in early trade. (Reporting by Neil Jerome Morales Editing by Ed Davies)
Source: Reuters
Can’t stop reading? Read more
Blackstone explores launch of dedicated private credit secondaries strategy
Blackstone explores launch of dedicated private credit secondaries strategy Blackstone is...
Blue Owl and Koda Capital unlock US private credit access for Australian investors
Blue Owl and Koda Capital unlock US private credit access for Australian investors Blue Owl...
Orangewood backs major 7 Brew franchisee as brand continues rapid US expansion
Orangewood backs major 7 Brew franchisee as brand continues rapid US expansion Orangewood Partners...