Telstra will ramp up its investments in cutting edge technology after committing another $US125 million in a merger of its venture business with private equity powerhouse HarbourVest Partners to create a new fund valued at $675 million.
The new fund seeing the telco combine its Telstra Ventures with HarbourVest, which will pay around $US62.5 million ($84.4 million) for roughly a 25 per cent stake in the existing business.
Telstra will realise $75 million from HarbourVest buying into the existing fund.
Both are believed to have tipped in another $US125 million. Following the addition of fresh funds, Telstra is expected to have a 62.5 per cent stake in the business, while HarbourVest the remaining 32.5 per cent.
https://www.copyright link/business...-with-harbourvest-partnership-20180630-h1236g
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