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China Unicom Acquires $2 Billion in Assets From Parent Company

Steven Millward
Steven Millward
10:40 pm on Nov 22, 2012

China Unicom (NYSE:CHU; HKG:0762) will fully acquire its own fixed-line phone business from its state-controlled parent group in a move that will cost China Unicom RMB 12.2 billion (US$1.94 billion).

That will give the wired and mobile telco 100 percent of the Unicom New Horizon operations which runs fixed-line networks in the south of China. China Unicom had been leasing this network in the past. The carrier already owns similar assets in the north of China.

In terms of its mobile busines, China Unicom recently surpassed 70 million 3G subscribers, in which it is China’s second-largest operator.

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