ChinaTel wins $640m in investments for WiMax roll out

www.WirelessFederation.com/news:? $640 million in investments has been won by California-headquartered ChinaTel Group to back its plans to build Wimax networks in China. Excel Era Limited, Hong Kong Investment Company would take 36% stake in the company besides making an investment of $480 million.

Canadian-based investor Isaac Organization will tip in $160 million for a 12% holding. ChinaTel will have received $241 million by March 1, with the balance of $399 million to be paid by June 1 and the investments value of the operator is at $1.33 billion.

According to ChinaTel CEO George Alvarez, the fresh capital would enable the company to speed the deployment of a Wimax network for Chinese operator CECT-Chinacomm and the rollout in 12 cities would be completed by June 2011.