China Mobile has announced that its subsidiary, Guangdong Mobile, completed the acquisition of a 20% stake in Shanghai Pudong Development Bank (SPD Bank).
Guangdong Mobile is now the second largest shareholder in SPD Bank. Shanghai International Group…
China Mobile has announced that its subsidiary, Guangdong Mobile, completed the acquisition of a 20% stake in Shanghai Pudong Development Bank (SPD Bank).
Guangdong Mobile is now the second largest shareholder in SPD Bank. Shanghai International Group still holds a 24.32% stake in the bank.
The deal, which needed to receive regulatory approvals, is worth Yn39.5bn (US$5.9bn). The value of the transaction was adjusted from Yn39.8bn (US$6bn), but the company did not give any reason for it.
In March, when the deal was announced, China Mobile said that the two companies would cooperate to develop mobile finance and mobile e-commerce businesses.
China International Capital Corporation Hong Kong Securities (CICC) acted as financial adviser for China Mobile on the transaction.
Recently, UK mobile operator Vodafone sold its 3.2% stake in China Mobile for £4.3bn (US$6.5bn).
