Citic takes control of CTM for US$1.16b

Citic Telecom International is acquiring a controlling stake in Macau's leading telecommunications operator, Companhia de Telecomunicacoes de Macau (CTM), for US$1.16 billion.

Citic Telecom, a Hong Kong-listed subsidiary of Citic Pacific, has agreed to buy 51 per cent of CTM from Britain's Cable & Wireless Communications for US$749.7 million and 28 per cent from Portugal Telecom for US$411.6 million.

CTM provides mobile, fixed-line, broadband and business telecommunications services.

via Business feed http://www.scmp.com/business/companies/article/1127328/citic-takes-control-ctm-us116b