China Unicom buys Netcom in $56 bn stock swap
Mobile service provider China Unicom Ltd. is acquiring fixed-line China Netcom Group Corp. in a share swap valued at $56.3 billion, based on Unicom's stock last traded price.
By Agencies |
HONG KONG: Mobile service provider China Unicom Ltd. is acquiring fixed-line China Netcom Group Corp. in a share swap valued at $56.3 billion, based on Unicom's stock last traded price.
The companies said in a statement Monday that each existing China Netcom share will be swapped for 1.508 new China Unicom shares. China Unicom is the country's second-largest mobile operator by revenue.
China Unicom Chairman Chang Xiaobing said at a press conference the company expects the buyout to close by the end of 2008.
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