China Telecom digs deeper to buy six networks

12 Sep 2003

China Telecom is expected to reveal that it will pay USD9-10 billion to acquire six wireless networks belonging to its parent China Telecom corporation. The price had earlier been set at USD7-9 billion in the form of cash and assumed debt. The acquisition, which is expected to be completed by the end of 2003, will see networks in the provinces of Anhui, Fujian, Jiangxi and Sichuan, plus the autonomous region of Guangxi Zhuang and Chongqing City change hands. According to China’s MII the six regions had 45.91 million fixed line users and 8.74 million internet subscribers.