China Telecom acquires 3G services from China Telecommunications for $13.3bn

China Telecom has agreed to purchase 3G network services from parent company China Telecommunications for $13.3 billion.
The service acquisition is expected to be completed by December 2012 and will allow for increased speeds and service development.

China Telecom posted revenue of $21.8 billion for the first half of 2012, an increase of 14.8 percent, as higher end mobile user customers increase in number.