VelaTel Global is expanding its Asian presence, announcing today plans to acquire Hong Kong-based mobile virtual network operator China Motion Telecom for $5.8 million. China Motion currently serves approximately 125,000 customers in Hong Kong, targeting travelers from Taiwan and mainland China with dual number capabilities from a single SIM card.
VelaTel noted that China Motion posted $12 million in revenues and $2 million in earnings before interest, taxes, depreciation and amortization for its last fiscal year ended March 31. The company purchases wholesale access from China Mobile for worldwide roaming and numbers and China Unicom for 3G data.
The move furthers VelaTel’s expansion beyond managing mobile broadband networks, with the company noting the deal will allow the company to begin deployment of previously announced deals in mainland China for NGSN and China Aerospace. VelaTel also noted that the China Motion deal will provide it with “experience and personnel in sales and marketing, customer service and billing solutions provides a platform to serve not only the NGSN and China Aerospace projects, but also VelaTel’s expanding networks in Peru, Croatia and Montenegro.”
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