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AT&T to buy Nextel Mexico for USD 1.875 bln
2015-01-26 12:53:00| Telecompaper Headlines
(Telecompaper) AT&T is continuing its expansion to Mexico with an agreement to buy Nextel Mexico for USD 1.875 billion. The deal builds on the US operator's earlier takeover of Iusacell to add another 3 million customers and additional spectrum, retail and network assets. The acquisition excludes debt associated with Nextel Mexico and is subject to court approval in the bankruptcy proceedings underway in New York for NII Holdings, Nextel's parent company. NII said a competitive bidding process will need to be held under court supervision and regulatory approval in Mexico is also needed. It expects the transaction to close by mid-2015. The sale should help the company emerge from Chapter 11 and refocus its business on its largest operation in Brazil.
Hutchison in exclusive talks to buy O2 UK for GBP 10.25 bln
2015-01-23 08:49:00| Telecompaper Headlines
(Telecompaper) Hong Kong's Hutchison Whampoa, the parent company of mobile operator 3 UK, announced that it has entered into exclusive talks with Telefonica about the acquisition of mobile operator O2 UK for GBP 9.25 billion in cash to be paid at closing and a further GBP 1 billion after the combined cash flow of 3 UK and O2 UK reaches an agreed threshold. Hutchison said that the transaction remains subject to due diligence over O2, agreement on terms and corporate and regulatory approvals. Separately, Hutchison finance director Frank Sixt told the Financial Times that the acquisition would be completed around the middle of 2016, assuming regulatory approval. Hutchison thinks it can find GBP 3 billion to GBP 4 billion of synergies through the merger. Analysts estimate that at GBP 10 billion, the price reflects 7-8 times 2015 estimated earnings, in line with what BT is paying for EE.
China ends 2014 with nearly 1.3 bln mobile subscribers
2015-01-20 14:02:00| Telecompaper Headlines
(Telecompaper) The number of Chinese mobile subscribers topped 1.28 billion at the end of December. China Telecom ended December with a total of 185.62 million mobile telephony subscribers, up from 184.14 million in November. China Unicom had over 299 million mobile subscribers at 31 December, following net additions of 797,000 subscribers during the month. China Mobile reached 806.6 million mobile telephony subscribers in December 2014, up from 803.8 million at the end of November.
Tags: china
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AT&T to take USD 10 bln in charges in Q4
2015-01-19 09:01:00| Telecompaper Headlines
(Telecompaper) AT&T announced that it will record a one-time, non-cash charge of around USD 7.9 billion before tax for the fourth quarter of 2014. The charge is due to actuarial gains and losses on pension and post-employment benefit plans. At year-end, the company decreased its assumed discount rates used to measure its pension obligation to 4.3 percent and to 4.2 percent for the post-retirement obligation. These reductions resulted in an actuarial loss of approximately USD 7.9 billion. Also contributing to the amount were losses due to updated mortality assumptions offset by asset gains in excess of the assumed rate of return as well as demographic changes and other assumptions. The Q4 operating results will also include a USD 2.1 billion non-cash charge for the abandonment in place of certain network assets. During the quarter, an analysis of network assets determined that specific copper assets will not be necessary to support future network activity, due to declining customer demand for legacy voice and data products and the migration to next-generation technology.
China starts CNY 40 bln fund for tech startups
2015-01-16 09:14:00| Telecompaper Headlines
(Telecompaper) The government of China is launching a new CNY 40 billion (USD 6.5 billion) venture capital fund to invest in seed-stage tech startups, the Financial Times reported. The fund will include capital from the government as well as from private investors. It will support the development of emerging industries, which the government said it hopes will translate into greater economic growth. The fund, announced by the State Council on 14 January, is part of a larger government effort to wean the economy off its dependence on fixed asset investment in infrastructure and property, and also to foster new opportunities for private sector companies.
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