 |
Vodafone Seals Deal with China Mobile
The British mobile telephony giant Vodafone gained a toehold in the potentially lucrative market on China on Wednesday when it unveiled a strategic alliance with China Mobile (Hong Kong) Ltd.
Vodafone, which already boasts some 66 million customers worldwide, added another piece to its global mobile jigsaw by agreeing to pay US$2.5 billion dollars (2.9 billion euros) for an equity stake in China Mobile.
China Mobile is expected to issue a global share offering to drum up billions of dollars to help finance the acquisition of mobile assets in seven Chinese regions, including Beijing, Shanghai, Tianjin, Liaoning, Shandong, Hebei and Guangxi.
The assets already represent a client base of more than 10 million people, the companies said.
The alliance commits the two partners to exploring further opportunities for joint ventures and equity-based alliances elsewhere in China beside the initial seven territories, including potentially alliances outside China.
In This Section
|