Credit and special situations investment firm Clearwater Capital Partners, emerging markets investment manager Spinnaker Capital Group and emerging markets fund manager Ashmore Investment Management have agreed to sell Hong Kong- and Singapore-based undersea cable provider Pacnet to Australia-based telecommunications company Telstra for US$697 million, including US$400 million in debt. The transaction is subject to regulatory approval and is expected to be completed by mid-2015. Clearwater, Spinnaker and Ashmore originally acquired Pacnet—then known as Asia Netcom—in 2006 for US$402 million.