China Telecom Corp Ltd To Buy Parent's 3G Assets For Over $19 Billion-Reuters

Reuters reported that China Telecom Corp Ltd plans to pay more than CNY120 billion ($19 billion) for its parent's 3G assets, a price that tops their book value. China Telecom, which currently leases 3G bandwidth and infrastructure from its state-owned parent China Telecom Corp, is seeking to acquire the assets to cut long-term costs. The carrier is expected to announce plans later this month on the acquisition.