China Netcom Group (CNCG) and China Netcom HK has completed the sale of its entire 100 percent ownership of Asia Netcom to an Investor Group led by Ashmore Investment Management Limited, Spinnaker Capital Limited and Clearwater Capital Partners, said the company in a statement. The total value of the deal is at 402 million US dollars. Components of this transaction include 169 million US dollars for the international service unit of the company, which is part of CNCG HK's public listing with the NYSE and SEHK, as well as 233 million US dollars for the company's pan-Asian submarine cable network. "Going forward, CNCG has every intention to maintain a strategic business relationship with Asia Netcom, leveraging off the synergies we have built over the past three years," said Zuo Xunsheng, President of CNCG. "For CNCG, this deal is simply a move towards the restructuring of our international strategy in order to further enhance the value of our state owned assets."