China Mobile HK to buy 10 networks

China Mobile Hong Kong (CMHK) announced that it plans to purchase mobile networks in 10 mainland provinces from its state-owned parent company for about US$3.65 billion. Along with the networks� subscribers, CMHK will also acquire the local operators� net debt of US$470 million. The acquisitions will allow CMHK, the world's largest mobile phone operator by subscribers, to expand its coverage to all 31 mainland provinces. The 10 networks CMHK intends to buy are located in poorer areas of China – with a penetration rate of about 16.8% and high potential for growth.