China Telecom and Bridge Alliance sign IoT business partnership agreement
China’s state-owned telecommunication company, China Telecom, has signed agreement with Singapore’s Bridge alliance that will see China Telecom providing internet of things (IoT) and machine to machine (M2M) services to Bridge Alliance customers.
“We are excited to join Bridge Alliance as a business partner,” said Mr Deng Xiao Feng, Managing Director of Global Business Department of China Telecom. “With the supporting common platform and the business opportunities across these different regions, we are confident this partnership will be a mutually beneficial and win-win business collaboration.”
The partnership comes at a popular time for IoT solutions in the Asia Pacific (APAC), a region, that Bridge Alliance is best positioned to provide enterprise mobility services to, according to Analysts at Mason.
The International Data Corporation predicts that the APAC region, excluding Japan, will exceed $455bn in IoT expenditure in 2021 – forecasting it as the leading region for investment.
“We are pleased and excited about this partnership with China Telecom,” said Ms Eileen Tan, CEO of Bridge Alliance. “With the growing China market, the addition of China Telecom to Bridge Alliance’s network of partners will certainly bolster our position to serve our global enterprise customers better.”
Verizon to sell Yahoo and AOL for $5 Billion to Apollo
US telecoms giant Verizon is selling its media assets, which includes Yahoo and AOL, to Apollo Global Management, a US private equity firm in a deal worth $5bn (£3.6bn). Verizon will retain a 10% stake in the company, which will be known as Yahoo at the close of the transaction and continue to be led by CEO Guru Gowrappan.
According to Verizon this corporate carveout will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners, and nearly 900 million monthly active users worldwide.
“The past two-quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo’s sector expertise and strategic insight, Yahoo will be well-positioned to capitalise on market opportunities, media, and transaction experience and continue to grow our full-stack digital advertising platform. This transition will help to accelerate our growth for the long-term success of the company.” Guru Gowrappan, CEO, Verizon Media.
Dominating the internet
Yahoo and AOL once dominated the internet but were subsequently overshadowed by firms like Google and Facebook, instead, they both became giant publishers. Yahoo Sports is a popular destination with sports fans, and Yahoo Finance provides a wealth of information for retail traders. AOL acquired a variety of early media brands, including the Huffington Post (now HuffPost), TechCrunch and Engadget, and several digital ad-tech companies to create a giant platform for advertising. Verizon bought Yahoo in 2017 and AOL in 2015 for a combined $9bn, so are selling at a considerable loss.
“The next iteration requires full investment and the right resources. During the strategic review process, Apollo delivered the strongest vision and strategy for the next phase of Verizon Media. I have full confidence that Yahoo will take off in its new home.” Hans Vestberg, CEO, Verizon.
The sale by Verizon comes after it disposed of blogging platform Tumblr in 2019 and news website HuffPost last year. Under the terms of the agreement, Verizon will receive $4.25 billion in cash and preferred interests of $750 million. The transaction includes the assets of Verizon Media, including its brands and businesses.
The transaction is subject to satisfaction of certain closing conditions and expected to close in the second half of 2021.