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Mergers and Acquistions News

Categories: Telecoms

March 11th 2009, 16:46PM

ChinaTel Group has acquired 95 per cent of the outstanding common stock of Peruvian telecommunications service and equipment provider Perusat.

It has done so through its controlled subsidiaries and has taken over 12,531,260 shares of Perusat common stock for $2,775,000 (£2.02 million), which will be paid in cash and ChinaTel stock.

"Perusat will serve as ChinaTel's entry point into the hot Peruvian telecom market. Internet access is one of the fastest growing segments in Peru's telecom sector," explained George Alvarez, chief executive officer of ChinaTel.

According to ChinaTel, the Voice over Internet Protocol market in Peru is worth an estimated $760 million per year and for the past five years the country has seen overall economic growth rates of over five per cent every year.

Perusat has important licences that provide authorisation to operate local and international long-distance telephony and the internet market, ChinaTel added.

Earlier this month, ChinaTel announced it had acquired ownership of 49 per cent of Chinacomm Limited.
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