UK investors likely to buy Chinese telco, sources say

A group of investors from the UK is likely to acquire Asia Netcom, a wholly owned subsidiary of China's second largest fixed-line telecom service provider China Netcom, a SinoCast report said.
The report, quoting industry sources, said the UK investment consortium had dangled a $350-million offer for Asia Netcom.
According to the sources, the UK group already signed an initial agreement with Asia Netcom, which would give the group a 30-day exclusive negotiation period with the company, the report said.
The report said this meant that the dozen of potential buyers, including Telefonica, would have "little chance" to strike a deal with Asia Netcom.
Analysts, meanwhile, said the $350-million price tag was "not a bad deal" for China Netcom, compared to the $120-million it paid to fully own its subsidiary.

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