BREAKING NEWS: TELEFONICA - the first telecom operator of Spain, and CHINA UNICOM - the second telecom operator of China, have informed officially about their agreement to forge a strategic alliance and to perform their shares interchange. According to this agreement both companies will invest 1,000 million of American dollars to purchase shares of the strategic partner. It is indicated that the strategic alliance includes the cooperation in acquisition of infrastructures and equipment, joint development of platforms of mobile services and mutual benefits of services to multinational companies. The cooperation will include the investigation and development, the interchange of the best practices and technical experiences, operative experiences, management, development of strategic initiatives within the framework of the evolution of networks and technology, as well as the establishment of a program of interchange of managers. After the closing of the operation, the participation of CHINA UNICOM in TELEFONICA will be, approximately, of 0.88% and the participation of TELEFONICA in CHINA UNICOM will reach 8%, against 5.38% that it had until now. The agreement was signed in Beijing by the presidents of both companies, Caesar Alierta and Chang Xiaobing.
This is a unique alliance of this type in the telecommunications sector and it widely opens the Chinese market to the Spanish TELEFONICA. Not only that the Chinese market is already the biggest one in the World but it is also the fastest growing market with 9 millions of new subscribers per month. TELEFONICA is already present in 22 countries worldwide with its brands: TELEFONICA, MOVISTAR, O2 and TERRA.
LINKS:
TELEFONICA: http://www.telefonica.com/en/home/jsp/home.jsp
CHINA UNICOM (HK): http://www.chinaunicom.com.hk
TICKERS:
TELEFONICA: Spanish SE: TEL / NYSE: TEF / London SE: TDE / Buenos Aires SE: TEF / Tokyo SE: TEF / Sao Paolo SE: TEFC11 / Lima SE: TEF.
CHINA UNICOM (HK): Hong Kong SE: 00762.HK / NYSE: CHU.
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