Pacific Fibre loses Pacnet, nabs key personnel

06.04.2011
New Zealand submarine cable venture Pacific Fibre will be responsible for finding the full $US400 million funding for a proposed fibre link between Australia, New Zealand and the United States after a memorandum of understanding with Pacnet lapsed earlier this year.

However, a former Pacnet employee and submarine cable expert will lead Pacific Fibre's renewed charge.

The company, headed by Vodafone New Zealand's former chief marketing officer, Mark Rushworth, is currently undertaking a fifth and final rounding it believes will secure the investors required to fully fund the fibre project.

Pacific Fibre most recently in its fourth round, which it included New Zealand investment fund Valar Ventures, partially owned by PayPal founder Peter Thiel.

It remains unknown how much the company has raised so far in funding. However, in announcing the appointment of the company's chief financial officer, finance director, Lance Wiggs, noted the incoming Michael Gleissner would be in charge of finding $US350 million worth of funding.

The final round of funding is expected to largely source investors from the United States.