Institutional Investors completed the acquisition of a 5.9% stake in China Telecom from BlackRock for $206m.

Institutional Investors completed the acquisition of a 5.9% stake in China Telecom, a state-owned telecommunication company, from BlackRock for $206m. BlackRock sold 818m shares at the price 12% lower than stock's closing price. After the deal, the asset manager possesses 0.2% stake in the company. The concrete reason for the disposal was not disclosed.