A new Chinese telecoms giant is set to become a global telecoms player.
Genesys is set up to become the global telco by acquiring the UK-based Telstra and US-based CenturyLink.
Geniesys said it would invest more than $3bn in the deal.
The Chinese government has said it will take control of all telecommunications companies in the country.
Genysys’ purchase will create a giant of China’s size, and will also be seen as an endorsement of China in the world’s second largest economy.
Genios will be China’s largest telecommunications operator and is aiming to become “a world leader in the digital age”, the company said.
Genius Global Networks (GNGN), which is controlled by China’s state-owned telecoms operator China Telecom, has a total of about 30 million subscribers.
GNGN has been building its broadband network in China for the past two years, and has become a big player in the global telecom business.
In January, Geniesies announced it would be buying the US-listed CenturyLink, which is a leading broadband provider.
CenturyLink had been looking for a buyer for more than a year, with Geniesyns backing.
Genusesys, a British company, will be the largest telecommunications provider in China.
It will be based in the UK and the US, with an international headquarters in Beijing.
Geneseys said the deal would enable it to deliver high-speed broadband to more than 10 million people in China and more than 30 million people worldwide.
The deal is being financed by the Chinese government and the Chinese investors will also share in the profits.
Genisys and CenturyLink said they were committed to working together to drive innovation and to expand broadband service in China, and that the transaction will help achieve both goals.
Genosys chief executive, Andrew Coyle, said the Chinese telecom industry had a long history of being an innovator and an innovators.
“The global telecommunications sector is a key area for Genys,” Coyle said.
“We are looking forward to working with Genesyns to accelerate our investments in this important market and continue to build the next generation of broadband networks in China.”
Genesies and Genysyns were previously working together on a broadband network for the US and Europe, as well as a high-definition (HD) internet project in China in 2014.
Genesis was founded in 2005 and is owned by UK-listed US firm CenturyLink Holdings.
Genyss, a US-registered company, is also in the business of selling internet access services in China as part of a deal that closed in 2018.
Geniss has also been building out its broadband networks for China and is expected to make similar investments in the next couple of years.
The takeover of Genys by Genisyns was announced on the same day the Chinese president visited the US in a historic visit.
He was joined by President Xi Jinping and the new chief of state, Xi Jinping, for a visit to the Pentagon and the White House.
Geniys is expected in Beijing next month for the annual General Association of Chinese Communications (GAC) conference.
Gensss chief executive officer, John Dyson, said China’s telecommunications sector was the world leader, with more than 4.3 billion users.
Genresyns had a turnover of $3.6bn in 2017, Genys was the fastest-growing telecom company in China last year, and Genissy’s total subscribers reached 6.7 billion.
Gencesys is a British firm and was founded by two ex-Brits, Michael J. Collins and John Dydell.
It is based in Surrey, UK, and was established in the US.
Genxys, the Chinese telecommunications company, bought Genys from US telecoms company CenturyLink for $4.4bn in 2018 and was also sold to the Chinese state-controlled China Telecom in 2018 for $2.5bn.
Genxs chief executive Mark Janssens said the combined company would become “the leading telecommunications provider for the Chinese people and the world”.
Genys has about 4.8 million customers in China but has about 8 million customers worldwide.