China Mobile announced today that its subsidiary China Mobile Communication will buy Topssion, a mobile handsets and devices distributor, for Y237m (US$36m).
The company will be bought from China Mobile Communications Corp. (CMCC), the parent company of…
China Mobile announced today that its subsidiary China Mobile Communication will buy Topssion, a mobile handsets and devices distributor, for Y237m (US$36m).
The company will be bought from China Mobile Communications Corp. (CMCC), the parent company of China Mobile, which owns a 29% stake in Topssion. Topssion shareholders ZTE (16%), Eastcom (15%), Beijing Digital (15%), Ningbo Bird (15%), and Huawei Investment (10%) will also sell their interest in the handsets distributor.
China Mobile said in a statement: “With the burgeoning growth of the 3G business and mobile internet and the increasing popularity of intelligent terminals, the influence of mobile phone communication terminals in mobile communication services has become increasingly significant. The entry of telecommunications operators into the business of distribution and retail of communication terminals will allow operators to strengthen their influence over the value chain.”
