China Unicom, the country's second largest mobile operator, said on Monday it would buy back a 3.79 per cent stake held by SK Telecom, South Korea's biggest wireless company, for $1.28bn.
The deal marks the end of SK Telecom's three-year investment in Unicom and is a blow to the South Korean company's ambition to expand in the world's largest mobile market.
SK Telecom bought $1bn worth of bonds in Unicom in 2006 – which were converted into a 6.6 per cent stake in the Chinese company a year later – as it sought new revenue drivers in overseas markets to counter slowing growth at home.
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