The sale of Pacnet, designed to help the company overcome market challenges, has stalled, according to a report by news agency Reuters last week.

The report said Pacnet failed to receive expected bids – the company valued itself at US$1bn when it placed itself for sale last year.

Pacnet operates a range of submarine cables including EAC Pacific and colocation data centers around the world.

The company is owned by Ashmore, Clearwater and Spinnaker Capital, which said they could consider a partial sale of the company following last week’s result.

Credit Suisse and Goldman Sachs are managing the sale for the company.