China Mobile in $5 Billion Deal to Consolidate TieTong Assets

November 27, 2015 10:05 AM

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China Mobile Communications Corp.’s CM TieTong agreed to buy assets from affiliate TieTong for as much as 32.9 billion yuan ($5.1 billion).

CM TieTong agreed to buy the assets for 31.9 billion yuan, though the payment may increase by as much as 1 billion yuan, according to a regulatory filing in Hong Kong. CM TieTong will also assume about 2.34 billion yuan of net debt, according to the statement.

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