And telstra will remain on the outside until it remains a threat...

And telstra will remain on the outside until it remains a threat to their existing broadband business and then they go partnerships or buy out the companies.

Its like the big pharmas with little biotechs and so forth - they are prepared to pay a premium or do licensing deals if and when it shows enough upside potential to make em big profits - they then throw buckets of money

Same thing could develop in telcos - actually it seesm to be becoming a common theme in publicly listed technology sectors.