China Network Communications Group Corp (CNC Group) announced that it bought out its foreign JV partners in Asia Netcom, making it a wholly owned subsidiary. CNC International, the group's international arm, announced that it would acquire the 49% interest in Asia Netcom held by US-based Newbridge Capital and Japan-based private equity fund Softbank Asia Infrastructure Fund. Financial details were not disclosed.
CNC's stake acquisition facilitates including regional fiber optic cable provider Asia Netcom in its upcoming dual listing in Hong Kong and New York.
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