ChinaTel Group, Inc. (CHTL.OB) Raises $300 Million
ChinaTel Group, Inc., a company offering high speed wireless broadband and telecommunications infrastructure engineering and construction services, announced that it has closed a transaction with private investment group Olotoa Investments for the sale of 49 percent of ChinaTel’s Class A common stock for $300 million. The amount will be payable commencing March 9, 2009 through September 9, 2010 in such amounts and at such times as designated by the board of directors of ChinaTel. “Olotoa Investments wishes to diversify its portfolio by becoming a financial partner in the high growth regions of the telecommunications sector,” commented Paul V. Olotoa, CEO…