Freshfields Bruckhaus Deringer has advised China Unicom (Hong Kong) Ltd on its 12.17 billion yuan ($1.95 billion) offer to acquire fixed-line assets from its parent company.

China Unicom, China's second-largest mobile operator, via a wholly-owned subsidiary announced last week that it planned to take over 100 percent interest in Unicom New Horizon Telecommunications Co Ltd (Unicom New Horizon).

Unicom New Horizon is a fixed-line telecommunications network company in 21 provinces and cities in southern China. It is owned by China United Network Communications Group Co Ltd, parent company of Hong Kong-listed China Unicom.

In a statement, China Unicom said the purpose of the purchase was to increase its earnings, improve management efficiency, and enhance corporate governance. Completion of the acquisition is subject to the relevant PRC regulatory and shareholder approvals, and is expected to take place not later than Dec. 31, 2012.

Freshfields’ China Chairman Teresa Ko and corporate partner Grace Huang led a team to act for China Unicom in the transaction. Chinese firm Commerce and Finance Law Offices advised the company to the PRC law.

The financial adviser of this deal is China International Capital Corporation Limited (CICC), with Rothschild being the independent financial adviser.

Liu Zhen is China senior journalist at ALB. Follow us on Twitter: @ALB_Magazine

Other related stories:

• Freshfields elects four new counsel in Asia
• A&O, Freshfields headline $2.14 bln PCG buy of ING Asia assets