China Unicom and Spain's Telefónica are to broaden their alliance through an initial deal to buy equity stakes in each other worth $1bn apiece.
It is the first time a China telecoms group has taken an equity stake in a European operator.
The Spanish company, the third-largest telecommunications group by market capitalisation, said in a regulatory filing yesterday that it would increase its holding in the Chinese operator to just above 8 per cent from 5.4 per cent.
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