China Mobile Communications Corporation, the parent company of China Mobile, has reached an agreement with Luxembourg-based Millicom to purchase Milliom's 88.86% stake in the Pakistani mobile operator Paktel for US$284 million, marking the first foreign acquisition for the Chinese telecom operator. The US$284 million deal covers intercompany debt repayment. The transaction is slated for completion by the end of February 2007, pending regulatory approvals. Paktel is Pakistan's fifth-largest mobile operator.