Alexa
  • Directory of Taiwan

China Mobile acquires Pakistan's 5th-largest cell phone carrier Paktel

China Mobile acquires Pakistan's 5th-largest cell phone carrier Paktel

China Mobile Communications Corp. has agreed to buy 88.86 percent of shares in Paktel Ltd., Pakistan's fifth largest mobile carrier, the company's listed unit said Monday.
The deal values Paktel at US$460 million (euro355 million), China Mobile Ltd. said in an announcement.
It said the deal was subject to regulatory approval but was expected to be completed by late February.
Global telecom investor Millicom International Cellular SA earlier announced it was considering selling Paktel due to difficult business conditions in Pakistan and frequency interference problems.
The Luxembourg-based company decided to sell Paktel after talks over gaining increased bandwidth from the Pakistan Telecommunications Authority failed to resolve interference problems. Millicom said that as a result, it would sell or close the company.
Millicom has operated in Pakistan since 1990. As of Sept. 30, Paktel had 1.53 million total subscribers, up 62 percent from 944,718 the year prior, placing it fifth in terms of active subscribers.