Freshfields Bruckhaus Deringer and Sullivan & Cromwell have advised China Telecom Corporation on its acquisition of 3G network infrastructure from its parent company, China Telecommunications Corporation, for 84.6 billion yuan ($13.3 billion).
The acquisition, part of a reorganisation, is pending regulatory and shareholder approval. It is expected to trim China Telecom’s costs in the long term.
The Freshfields team, led by China chairman Teresa Ko along with Beijing corporate partner Richard Wang, advised China Telecom with regards to Hong Kong law. Sullivan & Cromwell Hong Kong partner Chun Wei led a team that advised China Telecom on U.S. law aspects.
Jingtian & Gongcheng, meanwhile, provided PRC counsel to China Telecom.
Earlier this year, China Telecom signed a deal with Apple to carry iPhones in an effort to draw more higher-end 3G users into its network.
The company had 147 million mobile subscribers as of July this year, including 54 million 3G subscribers, according to Reuters. In comparison, market leader China Mobile has 688 million subscribers, of which 69 million are signed up to 3G.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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