Pacnet sells stake in Philippine joint venture
Pacnet, formed from China Netcom's former Asia Netcom unit and Singapore's Pacific Internet, agreed to sell its stake in its Philippine joint venture to investment firm IRG.
Japanese Internet conglomerate Softbank Corp. said Wednesday that it bought a 14% stake in privately held Chinese Internet company Oak Pacific Interactive for about $96 million as it aims to increase its presence in the world's fastest-growing market.