PCCW to Acquire Stake in China Netcom Broadband
From The Standard: PCCW to expand in China with broadband joint venture
"PCCW said it will pay 318 million yuan ($ 39 million) for half of an Internet broadband venture from China Network Communications Group as part of their joint expansion plans on the mainland.
PCCW said in a statement on Friday that it has signed the agreement with China Netcom to buy a 50 percent stake in China Netcom Broadband Corporation. China Netcom, which owns 81.6 percent of China Netcom Broadband, will buy the rest of the shares from several minority stakeholders to complete the transaction with PCCW. The deal is expected to reach completion before the end of this year."
"China Netcom Broadband, founded in 2001, mainly provides broadband access and value-added services in the cities of Hangzhou and Ningbo, covering 300,000 households. (...) The two cities are located in Zhejiang province near Shanghai and have a combined population of 12 million."
"PCCW is hoping to improve its earnings by expansion in China and other countries as revenue from Hong Kong has been eroded by fierce competition. Its cooperation with China Netcom came after selling a 20 percent stake to the mainland fixed-line operator early this year for US$1 billion."
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