Warburg-backed Converge ICT said to explore partnership with SpaceX

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