3 completes its £1bn fundraising
Thursday 24 April 2003
The mobile phone operator 3 yesterday secured another £200m of financing from the Japanese telecoms company NTT DoCoMo to complete its £1bn fundraising exercise.
Separately, NTT DoCoMo, which owns 20 per cent of 3, agreed to co-operate more closely with 3's major shareholder, Hutchison Whampoa, on the development of third-generation mobile phone services.
Hutchison, the ports to telecoms conglomerate which owns 65 per cent of 3, has already committed to stumping up £650m – its share of the £1bn that 3 is looking for.
The Hong Kong-based group has also said it will pay KPN's £150m share of the fundraising if the Dutch company refuses. KPN owns a 15 per cent stake in 3 but has yet to commit to the fundraising.
NTT DoCoMo said yesterday it had signed an deal with Hutchison to develop and promote 3G services worldwide.
The pair will share information on handset development, radio network architecture and the development of global 3G standards and will also look at ways of working together to create new services.
Canning Fok, Hutchison Whampoa's managing director, said: "NTT DoCoMo's technological prowess at the cutting-edge of mobile communications is unrivalled."
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