Moving Whatsapp to new phone with new number

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Hello,

The process is not quite clear to me.

So is this the proper process of migrating Whatsapp from old phone to new phone with new phone number

Turn on New phone to receive codes

1.Open Whatsapp in old phone and change phone number in old phone to new number.
2. Make backup of chats in old phone after changing to new number ,
3) Install Whatsapp in new phone log in with new number and restore ?

BTW will Whatsapp contacts be restored as well ?

Thanks