Home Business Telecommunications Palisade takes stake in Hawaiki cable
Palisade takes stake in Hawaiki cable Pixabay

Infrastructure manager Palisade Investment Partners has taken a significant ownership interest in the Hawaiki Submarine Cable Limited Partnership, with the signing of a binding agreement to become equity partners on Thursday.

A joint statement from the two companies said the Hawaiki cable had been commissioned on 20 July and was the quickest and biggest link between the US, Australia and New Zealand, with more than 43Tbps of capacity.

It is meant to help handle the increasing volume of data downloaded by Australians, who have been doubling their data consumption by 50% over the last five years.

Hawaiki, which is carrier neutral, will enhance connectivity in Australia, New Zealand, the Pacific Islands and the US. Its network design includes several branching units to expand to additional Pacific Island countries.

Palisade managing director and chief executive Roger Lloyd said: “We are delighted to partner with Hawaiki and its shareholders on this transaction. It is a key part of Palisade’s strategy to seek exposure to the data infrastructure sector, which we believe offers substantial opportunities as our dependency on data and global connectivity continually increases.”

“This transaction has been structured to support Hawaiki’s growth and deliver an attractive risk/return profile for our investors, and provides substantial diversification benefits relative to the existing assets in our investors’ portfolios.”

Hawaiki chief executive Remi Galasso said: “Our partnership with Palisade marks a cornerstone of our development plan to provide greater connectivity and diversity to the Pacific region on a carrier-neutral basis.

"The Hawaiki cable, which started commercial service in July, is a critical piece of infrastructure supporting sharply rising demand for data, and we are pleased to work with Palisade to further expand Hawaiki’s network and assets.”

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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