China Unicom to Buy Fixed-Line Operator China Netcom

By Steven Schwankert
Tue, June 03, 2008

IDG News Service —

China Unicom will buy fixed-line operator China Netcom in a US$56.3 billion share swap that will also see the company sell its CDMA (Code Division Multiple Access) network to China Telecom, Unicom said Monday.

The move comes as China continues its shake-up and consolidation of its mobile and fixed-line operators announced in late May.

Both China Unicom and China Netcom are listed on the Stock Exchange of Hong Kong, and both have American Depository Receipts (ADRs) on the New York Stock Exchange.

Unicom will exchange 1.508 of its Hong Kong shares for one Netcom share, and 3.016 ADRs for each Netcom ADR, for a total value of about HK$439.167 billion (US$56.3 billion). The companies did not say when they expect the transaction to close.

Unicom also said it will sell its CDMA network to China Telecom, southern China's dominant fixed-line operator, for 100 billion yuan (US$14.44 billion). Previously, Telecom was barred from offering mobile services, but as the nation's telecommunications providers are being shuffled, their ability to provide such services may expand.

China's top carriers are also preparing for the licensing and offering of 3G (third-generation) data services after years of waiting.

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