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China Mobile to buy 15% stake in Anhui USTC iFlytek

Aug. 24, 2012 (China Knowledge) - China Mobile Ltd<0941>, the country's largest mobile telecom operator, has announced yesterday that it has acquired 15% stake in Anhui USTC iFlytek Co Ltd<002230>, a company principally engaged in the provision of voice support software, industrial application products as well as information technology and maintenance services.

According to the agreement, the transaction value is RMB 1.36 billion and the deal will be completed before June 30, 2013.

Meanwhile, the two companies established strategic cooperation in various areas including smart voice portals, product innovations and applications in relation to customer services.

In 2011, Anhui USTC iFlytek realized RMB 558 million in operation revenue, up 28.16% YoY, while its net profit attributable to shareholders surged 31.51% YoY to RMB 133 million.

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