China’s number one service provider, China Mobile, is finalising a deal to buy out Luxembourg-based Millicom International Cellular, for about $5.3 billion. China Mobile will pay Millicom $48-$49 per share. Millicom, which has more than 8 million subscribers in 16 countries, will be the biggest overseas acquisition ever by a Chinese company. The Chinese government has been encouraging overseas expansion by leading state companies under its “go global” policy, which aims to ensure they can compete with US, European and Japanese multinationals.
