Shares in embattled telco Telstra Corporation Ltd (ASX: TLS) are up 1.7% to $2.67 today after The Financial Review yesterday reported Telstra committed another US$125 million in the merger of its venture business with private equity player HarbourVest Partners.
The injection will create a new fund valued at $675 million with HarbourVest paying around US$62.5 million for a 25% stake in the existing business, according to the article.
Telstra shares have been trending down for a long time, but truly hit the skids in the last fortnight – dropping to a multi-year low of $2.61 after investor confidence dropped on the announcement of its 2022 strategy.
All eyes are on full-service telco TPG Telecom Ltd (ASX: TPM) whose emergence in the space has placed pressure on Telstra to ramp up its investment in technology and keep pace with competitors – something the HarbourVest deal should help them to do.
Peer Vocus Group Ltd's (ASX: VOC) share price is up 1.7% to $2.34 today off the back of news the company has increased its debt facility to provide "financial headroom and flexibility" to pursue strategic direction.
