China Unicom turns to Spanish partner for 3G advice

February 6, 2009 at 18:13 Leave a comment

China Unicom and Telefonica have signed a framework cooperation agreement on the development of 3G in the People’s Republic. The agreement aims at enhancing cooperation in the mobile communications, W-CDMA, broadband application, international business, marketing and corporate services arenas. 

Telefonica’s interest in Unicom is by virtue of the Chinese company’s recent merger with China Netcom, in which the Spaniards had a 7.22% stake. In September 2008 Telefonica announced that it would boost its stake in China Netcom by 2.7% for EUR368 million, prior to Netcom merging with China Unicom. The Spanish firm subsequently purchased an additional 3.03% stake of the unified company for between EUR392 million and EUR434 million from AllianceBernstein. Telefonica now owns more than 5.5% of the combined China Unicom-China Netcom, and is the company’s single largest private investor.

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Entry filed under: 3G, China, China Unicom, Mobile Network Operator, Spain, Telefonica. Tags: , , , , , .

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