China Mobile Communications buys a majority stake in Paktel Ltd.

China Mobile Communications buys a majority stake in Paktel Ltd.

China Mobile has just revealed that they now have more mobile customers in China than there are people in the entire United States.

The company is now taking their first major step to expand their presence in the global market. The company has agreed to buy 88.9 percent of Paktel Ltd. from Millicom International Cellular.

This deal in Pakistan was signed by the company after months of talks. They even decided against signing a multibillion dollar deal to buy Millicom in the middle of last year.

Millicom reported that this deal would enable them to concentrate on their other markets. Their Paktel is the country’s fifth-largest mobile phone network operator in Pakistan at over 1.3 million subscribers. The country happens to be one of the fastest growing mobile markets in the world. The mobile subscribers in the country more than tripled last year to 48.2 million.