July 4, 2008
Pacnet Forms Equity Joint Venture With Zhong Ren Telecom
Hong Kong-based telecommunications service provider Pacnet has announced its strategic expansion into China through the launch of Pacnet Business Solutions, an equity joint venture with China-based internet service provider Zhong Ren Telecom.
Under the terms of the agreement, Pacnet and Zhong Ren Telecom will each hold 50% of the equity interest of Pacnet Business Solutions. The strategic alliance will enable both companies to leverage each other's strengths to offer advanced telecommunications services to small, medium and large enterprises in China.
Pacnet's equity joint venture (EJV) partner, Zhong Ren Telecom, currently has an IP VPN license for Guangdong province and an established presence in Southern China and Beijing.
Henry Lam, general manager of the EJV and founder of Zhong Ren Telecom, said: "Today's announcement marks a new chapter as we expand service options and solidify our position to support businesses in China. This is truly a win-win partnership and which will enable us to deliver the best solutions for Chinese companies to compete in the global marketplace."