China Unicom Signs Agreement To Transfer CDMA Network To China Telecom

China Unicom has announced that China United Telecommunications Corporation Ltd. and the operation companies of China Unicom signed a CDMA transfer agreement with the H-share company of China Telecom on July 27, 2008.

According to the agreement, China Unicom will transfer its CDMA business to the H-share company of China Telecom; China Unicom will transfer a 99.5% stake of its Unicom Vsens to the H-share company of China Telecom; and China United Telecommunications Corporation Ltd. and its subsidiaries will transfer their 100% stake of China Unicom (Macau) to the H-share company and the subsidiary companies of China Telecom. The transaction value is about CNY43.8 billion.

In the meantime, China Unicom and Unicom New Space signed a CDMA assets transfer agreement with China Telecom on the same day, which says China Unicom and Unicom New Space will separately transfer their CDMA-related assets to China Telecom. The transaction value for the assets is about CNY66.2 billion.