PCCW, Hong Kong dominant fixed-line telecoms operator, has reached an agreement to acquire 50 percent of China Netcom Broadband (CNCBB), from China Netcom Group, for HKD 305 million, reports Dow Jones Newswires. CNCBB focuses on broadband access, value-added services and reselling China Netcom services in China. Under the deal, China Netcom, current owner of 81.6 percent of the registered share capital of CNCBB, will purchase the shares it does not already own in the company, and then will sell one-half of the firm to PCCW, effectively setting up a joint venture.
