Companies

China Mobile buys handsets distributor at $36m

(Xinhua)
Updated: 2011-03-16 17:16

HONG KONG - China Mobile announced Wednesday it entered into an agreement to acquire the entire share capital of China Topssion Communication Co Ltd at 237 million yuan ($36.05 million).

As China Mobile Communications Corporation, one of the vendors, is the ultimate controlling shareholder of China Mobile, the acquisition constitutes a connected transaction.

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Other vendors include ZTE Corporation, Eastern Communications Co Ltd, Beijing Digital China Limited, Ningbo Bird Co Ltd and Shenzhen Huawei Investment & Holdings Co Ltd.

After years of operation, Topssion has managed to accumulate rich experience in terminal business, with strong distribution and retail capabilities and a sizable sales volume.

Upon completion of the transaction, Topssion will become a wholly-owned subsidiary of China Mobile, which will give a strong impetus to the Group's terminal distribution and retail business and promote the overall development of its business.

Topssion is a company primarily engaged in the business of sales of mobile phone handsets and devices.