Telefonica divests China Unicom stake

Spanish telecom operator offloads half its stake to fund acquisitions in Europe and Latin America.

Asia's third largest overnight block trade of the year was completed on Monday when Telefonica Internacional sold a 2.5% stake in China Unicom raising $859 million. The Spanish telecom operator halved its existing 5% stake to fund acquisitions in Europe and Latin America.

It picked a fairly opportune time as Chinese telecom stocks have been on an upswing since late October. This momentum will also have been attractive to investors, particularly those who believe China Unicom deserves to be re-rated after underperforming its peers all year. 

Pricing came at HK$11.14 - a 3% discount to the stock's HK$11.48 close according to a termsheet seen...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222