Unicom Ltd., China’s second-biggest mobile-phone carrier after China Mobile, offered to buy and take over the fixed-line operator China Netcom Group Corp. for $23.9 billion. The deal is thought out to be part of the country’s telecom industry restructuring, as the plan is to create three national, full-service telecoms carriers.

The company will pay 1.508 a share for each of Netcom’s, which represents 3 percent more than what the rival buyer offered. Once the deal will be signed, sometime during the fourth quarter of the year, Unicom’s enlarged share capital will be of 237.645 shares.

The share swap, based on the company’s last stock traded price, was valued at $56.3 billion. The system composed by the deal will offer a full set of features including mobile and fixed phone line services, Internet and also broadband.

The plan to restructure the telecom industry involves the release of 3G licenses which will open the market for the third generation mobile business.

“Although our financial position will be enhanced after the disposal of the Code division multiple access (CDMA) business, we need to retain funds for further expansion of our GSM network and to prepare for the 3G [third-generation] mobile business,” Unicom chairman and chief executive Chang Xiaobing said, according to Forbes.

Reuters presented a statement made by Marvin Lo, an analyst for the Daiwa Institute of Research, who considers Unicom’s move to get rid of its CDMA business at a huge premium as an excellent strategic play. He also believes that from now on the company will be able to better focus its efforts on building a stronger GSM business.