Australia telecom operator Telstra recently announced that the company invested in a Beijing-based mobile VAS (Value-Added Services) provider LMobile, the Sohu IT News reported on May 10, adding that the investment is valued at over US$100 million. The investment plan is said to have completed in February 2010. With a staff of 300, LMobile currently have five branches, including Shanghai, Guanzhou, Shenzhen, Zhejiang, and Shandong, providing mobile news and mobile advertisement services to approximately 10 million users. Reports of Telstra's buyout plan of LMmobile have been around for several months since October 2009, when Telstra revealed its plan to take over LMobile for US$200 million, according to the same source. LMobile's CEO said that LMobile will retain the majority stake in the company but refused to reveal any financial details regarding the deal, according to the same source.