China Unicom Buys Back Stake from Telefónica for US$1.4 Billion

China Unicom agreed to acquire an aggregate of 1,073,777,121 shares in the company, representing approximately 4.56% of the issued share capital of the company, from Telefónica Internacional at a price of HK$10.21 per share or approximately 1.1 billion euros (US$1.4 billion).



Immediately following the completion of the acquisition, companies controlled by Unicom Parent will hold in aggregate approximately 76.52% of the issued share capital of the Company (which includes the shareholding in
the Company held by a wholly-owned subsidiary of Unicom Parent as trustee) and Telefónica will
hold approximately 5.01% of the issued share capital of the Company. Mr. Cesareo Alierta Izuel, who
is the Chairman of Telefónica S.A., will remain as a Director of the Company. http://www.chinaunicom.com.hk