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Stocks

ZTE advances on Turkish deal

Chinese telecom maker to buy 48% of Turkish peer

HONG KONG --  Shares of ZTE rose as much as 4% here Tuesday after the Chinese telecom equipment maker said it would acquire a leading stake in Turkish group Netas Telekomunikasyon.

ZTE's H shares reached an intraday high of 12.68 Hong Kong dollars ($1.63) before closing at HK$12.56, up 3% from the previous session. Investors seem cheered by the deal's relatively low cost and potential for synergies.

The company said its Dutch unit would buy 48.04% of Borsa Istanbul-listed Netas from OEP Turkey Tech. The acquisition, expected to cost between $95.98 million and $101 million, must still be approved by Turkish and Chinese authorities.

ZTE will become Netas' top shareholder and gain access to a customer base including buyers of telecom equipment and IT services. 

ZTE's Shenzhen-listed shares climbed more than 1% Tuesday before being undercut by profit taking.

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