China Mobile says to acquire sister firm's telecom business for $5 bln

HONG KONG, Nov 27 (Reuters) - China's largest wireless carrier China Mobile said on Friday it planned to acquire its sister company's fixed line telecom business for 31.88 billion yuan ($4.99 billion) to help boost its presence in that business in China. CM TieTong, a wholly-owned subsidiary of China Mobile, said it has agreed to acquire the fixed-line telecommunications business from TieTong, which has over 10 million fixed broadband and fixed line customers across China, according to a China Mobile filing to the Hong Kong stock exchange. The payment will be funded by China Mobile's internal resources, it said. China Mobile had said earlier this year it planned to acquire TieTong's fixed-line telecommunications sector, which would give China Mobile access to its extensive nationwide backbone network, metro fibre and land assets. ($1 = 6.3945 Chinese yuan renminbi) (Reporting By Yimou Lee; Editing by Muralikumar Anantharaman)