Apple Inc. (Nasdaq: AAPL) has struck a deal to sell the iPhone in China, and the move will enable it to capitalize on a large and untapped market.

In a news conference Friday, China Unicom Ltd. (NYSE: CHU) said it has reached a three-year deal with Apple to sell the touchscreen smartphone in the fourth quarter. The companies did not specify which models would be sold or how much they would cost, but the Chinese iPhone will lack Wi-Fi to comply with government regulations. The handset will be 3G-capable, and the carrier said it will be subsidizing the smartphone.

Apple has been trying to get the iPhone into China for more than a year, and the iPhone's release should coincide with China Unicom's rollout of 3G networks. The wireless operator plans to have 3G coverage in 335 cities by the end of the year, and Apple's device could be a key driver of mobile data adoption.

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— Marin Perez, InformationWeek