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TELECOMM INDUSTRY NEWS
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ChinaTel inks $640 million in equity investments

The deals allow the Irvine-based company to move ahead with global expansion plans.

By Ashly McGlonePublished: February 10, 2010 08:50 AM

Looking toward worldwide expansion, Irvine-based wireless broadband provider ChinaTel Group inked two equity investment deals, selling nearly half of its outstanding shares.

The share price in both transactions was $3, with a total purchase of $640 million, valuing ChinaTel in excess of $1.33 billion.

Hong Kong-based Excel Era Limited purchased $480 million in shares, or 36 percent of outstanding shares. And Canadian-based investor Isaac Organization Inc., which had previously served as a ChinaTel strategic advisor, purchased $160 million, or 12 percent.

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