Mergers and Acquistions News
Categories: Telecoms
October 15th 2008, 11:34AM
The merger between China United Telecommunications' (CUT's) subsidiary China Unicom and China Telecommunications' China Netcom has been completed, it has been announced.
China Netcom has been removed from stock exchanges in the US and Hong Kong as of today (October 15th), with the combined group operating under the China Unicom banner.
CUT's CDMA division is now owned by China Telecoms and approximately 20,000 employees have been transferred as part of the deal.
China Telecoms, which is the largest telecommunications provider in China, announced its plans to purchase the CDMA business back in June for 110 billion yuan (£9.1 billion) in cash.
USA Today reported at the time that the move was part of a restructuring of China's telecoms industry, which may benefit foreign equipment suppliers to the tune of billions of dollars.
The main focus of China Unicom will be on the integration of fixed line and wireless services and improving broadband, 3G and other mobile networks.
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