IRVINE, Calif.--(BUSINESS WIRE)--ChinaTel Group, Inc. (ChinaTel) (OTCBB:CHTL - News), announced today that it has acquired, through its controlled subsidiaries, 95% of the outstanding common stock of Perusat S.A., a leading telecommunications service and equipment provider in Peru. ChinaTel has acquired 12,531,260 shares of Perusat common stock for USD$2,775,000, to be paid in cash and ChinaTel stock.Perusat holds key licenses that provide authorization to operate local and international long distance telephony, as well as local fixed lines (VoIP), and the growing Internet market, which includes 2.5GHz spectrum for high speed wireless broadband. Perusat also brings ChinaTel the contracts and relationships with the major telecom companies in Peru to facilitate the needed interconnection for these services.
“Perusat will serve as ChinaTel’s entry point into the hot Peruvian telecom market,” said George Alvarez, CEO of ChinaTel. “Internet access is one of the fastest growing segments in Peru’s telecom sector. We plan to ride this technology wave by building and deploying high speed wireless broadband VoIP service across Peru and then duplicate our success across other Latin American markets,” said Alvarez.
The VoIP market in Peru is estimated at USD$760 million per year. For the past five years Peru has experienced overall economic growth rates of more than five percent per year, gaining momentum in the first half of 2008 with a growth rate of more than 10 percent.
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