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Telefonica To Sell 4.56% Stake In China Unicom

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Telefonica SA (NYSE: TEF) agreed to sell a 4.56% stake in China Unicom (Hong Kong) Limited (NYSE: CHU) for around 1.13 billion euros ($1.74 billion).

The buyer is China United Network Communications Group Co Ltd. Telefonica last month posted downbeat earnings.

TEF shares declined 0.33% to $12.22 in the after-hours trading session, while CHU shares fell 0.51% to close at $13.55 on Friday.

Posted-In: merger and acquisitionNews M&A


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