International law firm Freshfields Bruckhaus Deringer has advised China United Network Communications Group, the parent company of China Unicom (Hong Kong) Limited, on its proposed acquisition of part of Telefónica’s shareholding in China Unicom.
Under the deal, China United Network Communications Group, through its wholly-owned subsidiary, has agreed to acquire 4.56% of China Unicom from Telefónica for a total consideration of about US$1.4 billion. Completion of the acquisition is conditional upon the relevant PRC regulatory approvals for the acquisition having been obtained and is expected to take place by 31 July 2012.
The Freshfields team comprised China Chairman Teresa Ko and corporate partner Grace Huang.
