Netcom acquires Jitong for $451.6m The purchase marks a breakthrough in the telecoms carrier's integration plan.

(From South China Morning Post)

Byline: Hui Yuk-min

China Netcom Group, the mainland's third-largest telecommunications carrier, has taken a big step forward in its integration plans by acquiring Jitong Network Communications.

China Netcom said it would pay 481.9 million yuan (HK$451.63 million) to acquire all of Jitong's state-owned shares.

"The acquisition is based on the one-for-one principle. For each dollar Jitong's original shareholders had invested in the company, they get one dollar back," a China Netcom spokesman said.

The purchase marks a key breakthrough in a long-delayed plan to integrate China Netcom Group, Jitong and …