Sullivan & Cromwell and Freshfields Bruckhaus Deringer are advising three Chinese state-owned telecommunications operators on a $36.4 billion reorganization of their telecom tower assets.
In a deal announced last week, China Mobile Ltd., China Unicom Ltd. and China Telecom Corp. agreed to sell all of their towers to China Tower Corp., a company jointly formed by the three companies in 2014. China Tower will issue 51 billion new shares and pay the balance with cash. State-owned Xinhua News Agency reported the assets were valued at RMB231 billion, or $36.4 billion.
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