Business Insider is reporting that the Chinese club has purchased Vodacom in an agreement worth €9 billion.
The deal, according to the report, has been completed with Vodacon already receiving over €20 billion in public funding from the Chinese government.
Vodacon’s shares were trading up about 1.5% on Tuesday.
It’s the second-biggest player in the world market, after Vodabond, and is one of the largest providers of broadband internet in Asia.
Vodacons main focus is to be a player in telecoms and mobile services, but its market share has increased significantly over the past year.
The Chinese government has been trying to build up a mobile telecommunications infrastructure in Asia, and it is keen to take advantage of the growing penetration of smartphones in the region.
Vudacom is the second Chinese telecommunications company to be acquired by a Chinese company.
The largest was the State Telecom Corp. in 2015.
The deal will see Vodas network expand in Vietnam and Vietnam expand into China, and will be a key platform for the Vodapoint company to expand into the rest of the Asia Pacific region.
Vudacoms global business forum has been closed for a week due to the Voconos decision to exit Vietnam.