Vodafone

(VOD) - Get Report

will gain a 2% stake in

China Mobile

(CHL) - Get Report

, China's largest wireless carrier, by investing $2.5 billion in the Hong Kong-based company.

China Mobile will use Vodafone's investment to help it fund a $32.84 billion deal to acquire seven provincial networks from its mainland parent. China Mobile also plans to place an additional $4.1 billion worth of new shares and sell $600 million of convertible notes.

Vodafone's American depositary shares recently changed hands at $36.75, up 50 cents, while China Mobile rose $4.38 to $36.38.

Additionally, Vodafone said it added 6.16 million new wireless subscribers in the third quarter. The figures were stronger than expected, but below the new customer count recorded in the second quarter. The latest additions bring the company's total worldwide customer base to 65.8 million.