It’s not often a non-core, periphery acquisition costing $2.1 billion is met with an almost collective shrug from shareholders, but Telstra’s buyout of Digicel Pacific is no normal transaction.

A sweetheart deal with the government has limited Telstra’s exposure to the downside risk, while keeping it well-able to capitalise on any upside – hence the 1.6 per cent share price growth last week.