China Telecom goes shopping: six new networks for USD5 billion

24 Oct 2003

China Telecom Corp, a subsidiary of China Telecom Group, has announced plans to buy six provincial networks from its parent for USD5 billion plus debt of up to USD4 billion. The pair, which have been in talks about the acquisition since July, are expected to confirm the deal on Monday. If the acquisition gets the go ahead, networks in Anhui, Fujian, Jiangxi, Guangxi and Sichuan provinces as well as in the city of Chongqing will change hands.