Sunday, January 13, 2013

CITIC Telecom Buys Out Macau Telecom for US$1.2 Billion

CITIC Telecom will buy out the entire equity stakes in Companhia de Telecomunicações de Macau (CTM) that are currently held by Cable & Wireless Communications and PT (Portugal Telecom) for US$1,161.3 million (approximately HK$9,000.1 million).

 The deal consists of the 79% interest held by C&W and PT. CITIC previously held a 20% stake in CTM. Companhia de Telecomunicações de Macau is principally engaged in mobile, fixed line and broadband services in Macau and is a major supplier of enterprise telecom services to corporate customers in Macau.

CITIC Telecom is a subsidiary of CITIC Pacific Limited, a publicly traded Hong Kong corporation with diversified business expertise and interests in Hong Kong and Mainland China — including Special Steel manufacturing, Civil Infrastructure, Iron Ore Mining, Property, and Energy.

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