Telecom & Wireless

China Mobile To Purchase 10 Provincial Networks With US$4.12 Billion

Details regarding China Mobile (Hong Kong)'s purchase most recent purchase from its parent company were publicized yesterday.

The telecom operator announced that it will spend US$4.12 Billion to buy the last 10 provincial networks from its parent company, all located in China's poorer provinces.

Of the total amount, US$3.65 billion is the actual purchasing price, while US$470 million will be used to pay off debt owed by the parent company. In the first scheduled payment, the company will pay US$2 billion in cash, with the remaining amount to be paid within 15 years. Upon completion of the acquisition, China Mobile will own all 31 provincial networks of its parent company.

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