China Unicom and Spain’s Telefónica are to broaden their alliance through an initial deal to buy equity stakes in each other worth $1bn apiece. It is the first time a China telecoms group has taken an equity stake in a European operator. The Spanish company, the third-largest telecoms group by market cap, said on Sunday it would increase its holding in the Chinese operator to just above 8% from 5.4%.

This entry was posted by Gwen Robinson on Monday, September 7th, 2009 at 4:59 and is filed under Capital markets. Tagged with China Unicom, telefonica. Edit this entry.