China Telecom, parent sign mobile agreement
[2008-7-29]
Tag : Mobile Phone CDMA
HONG KONG - China Telecom, the country's leading fixed-line phone company, andits parent have signed a deal to acquire a wireless network andbusiness for $16 billion as part of a recent shake-up of thecountry's telecommunications industry.
China Telecom and its parent, state-owned China TelecommunicationsCorp., entered into the agreement Sunday with China Unicom (nyse: CHU - news - people ) and its parent, China United Telecommunications Corp., thecompanies said in statements to the Hong Kong stock exchange.
The sale is expected to be completed before year's end. The deal was initially announced last month as part of agovernment-mandated overhaul to bring more competition to thecountry's telecom industry.
Under the agreement, China Telecommunications Corp., was acquiringthe code division multiple access, or CDMA, mobile network fromChina United Telecommunications Corp. for 66.2 billion yuan ($9.7billion). China Telecom was buying China Unicom's CDMA operations,business and subscribers for 43.8 billion yuan ($6.4 billion). In a statement Monday, China Telecom said it would lease the newwireless network from its parent for an amount equal to up to 28percent of revenues from the new business.
The fees were expected to total a maximum of 4 billion yuan in2008, 20 billion yuan in 2009 and 35 billion yuan in 2010.
China Unicom is the country's No. 2 mobile-phone provider.
HONG KONG - China Telecom, the country's leading fixed-line phone company, andits parent have signed a deal to acquire a wireless network andbusiness for $16 billion as part of a recent shake-up of thecountry's telecommunications industry.
China Telecom and its parent, state-owned China TelecommunicationsCorp., entered into the agreement Sunday with China Unicom (nyse: CHU - news - people ) and its parent, China United Telecommunications Corp., thecompanies said in statements to the Hong Kong stock exchange.
The sale is expected to be completed before year's end. The deal was initially announced last month as part of agovernment-mandated overhaul to bring more competition to thecountry's telecom industry.
Under the agreement, China Telecommunications Corp., was acquiringthe code division multiple access, or CDMA, mobile network fromChina United Telecommunications Corp. for 66.2 billion yuan ($9.7billion). China Telecom was buying China Unicom's CDMA operations,business and subscribers for 43.8 billion yuan ($6.4 billion). In a statement Monday, China Telecom said it would lease the newwireless network from its parent for an amount equal to up to 28percent of revenues from the new business.
The fees were expected to total a maximum of 4 billion yuan in2008, 20 billion yuan in 2009 and 35 billion yuan in 2010.
China Unicom is the country's No. 2 mobile-phone provider.
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