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China Mobile sets funding for US$32.8 bln purchase
Posted: 04-Oct-2000 [Source: Reuters]

[Vodafone to help fund network acquisitions increasing China Mobiile subscriber numbers by 63 percent.]

by David Lawder and Karen Richardson -- "China's biggest wireless carrier China Mobile (Hong Kong) Ltd revealed on Wednesday it will pay US$32.84 billion to acquire seven provincial networks from its mainland parent and has enlisted Britain's Vodafone Plc (quote from Yahoo! UK & Ireland: VOD.L) to help it fund the deal.

"In a briefing restricted to analysts, China Mobile said it will sell Vodafone US$2.5 billion in new shares and would place an additional US$4.1 billion in shares with institutional investors, excluding an overallotment option of US$1 billion.

"The lion's share of the acquisition price will be satisfied by the issue of US$22.67 billion worth of new shares to its parent, China Mobile Communications Corp. The Hong Kong-listed cellular group also will take on US$1.2 billion in debt, bringing the deal's total value to US$34.04 billion.

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