Telstra is in talks to acquire Pacnet, an operator of undersea cables.

The companies are nearing a deal that would hand Telstra ownership over some 46,000kms of submarine cable between Asia and the US, Bloomberg reported on Wednesday.

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Telstra company secretary Damien Coleman confirmed the discussions in a statement, but said there is “no certainty” a transaction will take place.

Shares in Telstra were seven cents higher at $5.79 at 1534 AEDT.