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Citic to buy 79% stake in CTM for USD 1.16 bln

2013-01-14 01:56:00| Telecompaper Headlines

(Telecompaper) Hong-Kong based telecommunication service provider Citic Telecom has signed two sale and purchase agreements with Cable & Wireless Communications and Portugal Telecom to acquire their interests in Macau operator CTM. Citic will buy Cable & Wireless' entire 51 percent stake for USD 749.7 million and a 28 percent interest from Portugal Telecom for USD 411.6 million. The two acquisitions are conditional upon each other. Citic Telecom currently holds a 20 percent interest in CTM, and after the transactions are completed, the company will have a 99 percent holding in CTM, which will then become a subsidiary of Citic Telecom.

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Category:Telecommunications

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