China Unicom Buys China Netcom In $56.3 Billion Stock-Swap; China Telecom Buys Unicom CDMA Unit
By Dianne See Morrison - Mon 02 Jun 2008 04:34 AM PST
China’s restructuring of its telecoms industry gets underway. AP reports that mobile network China Unicom is acquiring fixed-line China Netcom in a stock swap valued at $56.3 billion, based on Unicom’s stock last traded price. China Unicom expects the purcahse to close by year’s end.
China Telecom, meanwhile, the country’s largest fixed-line operator will buy China Unicom’s CDMA unit for $15.9 billion-- 66.2 billion yuan ($9.6 billion) for the network, and another 43.8 billion yuan ($6.3 billion) for its subscribers, reports Bloomberg.
Posted in: Companies, Countries, Asia, China, Money, VC M&A, Mergers & Acquisitions
Tags: china netcom, china unicom,
