Chinese telecom operator China Unicom and Spanish telecom operator Telefonica plan to widen their partnership, according to a January 24, 2011 report by the Dow Jones Newswires. It is reported that the two companies will each spend US$500 million on the share purchases. With the US$500 million capital injection, it is estimated that China Unicom will hold approximately 1.37% stake in Telefonica, and China Unicom's total investment in Telefonica will reach US$1.5 billion. While Telefonica is projected to increase its stake in China Unicom to around 9.7%, and the company plans to purchase China Unicom's shares via market transactions over the next nine months.