Sale Goes Pear Shaped On Telstra Hatchet Man Penn Left With ‘No Deal’
Greed and poor management have seen Telstra well and truly out manoeuvred in an asset deal that has gone pear shaped for CEO Andy Penn.
Known as a hatchet man Penn who has already axed tens of thousands of staff , was ready to sell a bunch of assets to OptiComm before Telstra management got a sniff that they could possibly get more money by playing one Company off against another.
The Telstra assets were dubbed “Project Velocity” and were offered to NBN Co under an agreement between the pair.
NBN Co baulked – refusing to pay about $40 million – so Telstra went to elsewhere namely OptiComm who initially offered $70M.
Then along came Uniti who after bidding $532 million for rival internet play OptiComm ended up cutting a deal to take over the Company which saw the Company decided that the Telstra assets were surplus to requirement leaving Any Penn and his management team back trying to find a buyer for the Telstra assets.