China Mobile to pay $34 billion for parent networks

China Mobile pays $34 billion for parent mobile units. Vodafone takes stake.

China Mobile HK Ltd., the world's fastest growing mobile phone company, agreed to pay $34 billion to acquire seven mobile phone networks from its parent, China Mobile Communications, a banker close to the transaction says. Vodafone Group, the world's biggest mobile phone company, agreed to take a stake of $2.5 billion.

Three quarters of the payment, or $25.5 billion, will be paid in the form of new shares to China Mobile Communications, which will thereby retain its 75% stake...

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