China's largest wireless carrier China Mobile said it planned to acquire its sister company's fixed line telecom business for 31.88 billion yuan ($4.99 billion) to help boost its presence in that business in China.

CM TieTong, a wholly-owned subsidiary of China Mobile, said it has agreed to acquire the fixed-line telecommunications business from TieTong, which has over 10 million fixed broadband and fixed line customers across China, according to a China Mobile filing to the Hong Kong stock exchange. The payment will be funded by China Mobile's internal resources, it said.

China Mobile had said earlier this year it planned to acquire TieTong's fixed-line telecommunications sector, which would give China Mobile access to its extensive nationwide backbone network, metro fiber and land assets.