China Telecom buys six provincial networks for 5.5 billion dollars

AFP reporting from Hong Kong: China Telecom Corp Ltd., the Chinese mainland’s largest fixed-line telephone operator, has agreed to buy six provincial networks from its parent for 46 billion yuan (5.5 billion US dollars) to boost revenue and expansion, the firm said.

China Telecom said in a statement that it will take over networks in Anhui, Fujian, Jiangxi, Guangxi and Sichuan provinces, as well as in the city of Chongqing, from parent China Telecommuniations Corp., which owns 77.78 percent of China Telecom.

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