Telstra Buys Chinese Online Firms for A$302 Million
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Telstra Corp., Australia’s largest telephone company, bought controlling stakes in two Chinese firms for a total of as much as A$302 million ($198 million), expanding in the world’s fastest-growing Internet market.
Telstra acquired 67 percent stakes in each of China M, a provider of mobile-content, and Sharp Point, which offers services for online music businesses, the Melbourne-based company said in an Australian stock exchange statement today.