China Telecom to buy Unicom web for over $14 bln-source

HONG KONG, June 2 (Reuters) - China Telecom (0728.HK) and its state parent will pay more than 100 billion yuan ($14 billion) to buy a wireless network owned by mobile carrier China Unicom, an executive at one of the firms with knowledge of the deal said.

Listed China Telecom's parent will pay 60 billion yuan for the Code Division Multiple Access (CDMA) network owned by the parent of China Unicom Ltd (0762.HK). Its listed unit will cover the rest, the executive told Reuters on condition of anonymity.

Beijing unveiled a long-awaited, sweeping blueprint for the overhaul of its trillion-dollar telecoms sector a week ago, directing the merger of the nation's biggest carriers into three full-service players in what has been called the world;'s largest industrial reorganisation [ID:nHKG143379].

Lehman Brothers LEH.N is advising Unicom (CHU.N) on the deal and UBS (UBSN.VX) (UBS.N) will advise the China Telecom (CHA.N) group, the source said.

Both parties will sign an agreement on the deal on Monday afternoon, the source added and announce further details later. ($1=6.940 Yuan) (Reporting by Vinicy Chan; Editing by Anne Marie Roantree)