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Telstra takes stake in China mobile, online music companies

Updated:2009/2/11 10:26

Telstra has purchased a controlling stake in two of China's leading mobile content and online music businesses.

The deal is worth $302 million, which will be paid over the next three years.

Telstra chief executive Sol Trujillo says the telco is aiming to generate $1 billion in revenue from its Chinese businesses by 2013.

"China has now 290-plus million online users and again most forecasts in the next five years are that they will dramatically increase the number on online users. It is an online economy," he said.

Mr Trujillo says the deal puts the company in a good position to benefit from the introduction of 3G technology in China.

"While the market is concerned about economic slowdowns in China it is still an economy forecast by the IMF to grow 6.7 per cent in 2009, way ahead of almost everyone else," he said.
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