NEW YORK ( TheStreet) -- Telefonica SA (TEF - Get Report) said over the weekend it had sold a 4.56% stake in China Unicom (Hong Kong) Ltd (CHU - Get Report) for 1.13 billion euros, or $1.41 billion, according to published media reports.
The buyer is China Unicom's parent, China United Network Communications Group, The Wall Street Journal reported.
The Spanish telecom company said it would retain a 5.01% stake in China Unicom, and that it had agreed to hold this stake for one year after selling the 4.56% stake, AFP reported.
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