CITIC Telecom International Holdings Limited has signed sale and purchase agreements with Sable Holding Limited (a wholly-owned subsidiary of Cable & Wireless Communications Plc and Portugal Telecom to acquire their entire interests in CTM.
Following the acquisition, CITIC Telecom’s shareholding in CTM will increase from 20 per cent to 99 per cent, and CTM would become a subsidiary of CITIC Telecom. The deal is worth $1,161.3 million.
The acquisition is subject to the approval of the Macau Government and relevant PRC governmental and regulatory authorities. CITIC Telecom International Holdings Limited expects to complete the transaction in the second half of 2013. Macau Post, an entity controlled by the Macau Government, will continue to hold the remaining 1 per cent equity in CTM.
