From the Financial Times:
SK Telecom Co., South Korea’s largest mobile-phone operator, will buy as much as $1 billion of bonds convertible into a 6.7 percent stake in China Unicom Ltd. to tap the world’s biggest wireless market by subscribers.
China Unicom, the nation’s No. 2 cell-phone operator, will cooperate with SK Telecom on handsets, networks and more sophisticated services, the Hong Kong-based company said today in a statement. Seoul-based SK Telecom said it will be Unicom’s sole partner in developing the smaller of the Chinese company’s two networks in the next 18 months. [Full text]