Beijing, May 17, 2008—Shearman & Sterling advised China Mobile Communications Corporation in its agreement to purchase 88.86% of the outstanding shares of Paktel Limited from Millicom Pakistan B.V. for US$284 million.
Paktel Limited is a mobile communications operator in Pakistan. The transaction implies an enterprise valuation for Paktel Limited of US$460 million.
China Mobile Communications Corporation is the largest mobile communications operator in China with total subscribers over 301 million at the end of 2006. This deal marks the company’s first M&A investment outside of Greater China.