CITIC Telecom International Holdings Limited, a leading international telecoms services provider in Asia, has said that it has signed sale and purchase agreements with Sable Holding Limited  (a wholly-owned subsidiary of  Cable & Wireless Communications Plc ("Cable & Wireless") and Portugal Telecom, SGPS, S.A.,  PT Participações SGPS, S.A. and PT Comunicações, S.A. ("Portugal Telecom")  respectively  to acquire their entire interests in Companhia de Telecomunicacoes de Macau, S.A.R.L. ("CTM").
 
The acquisitions account of 79% of the interests in total, at a total cash consideration of US$1,161.3 million (approximately HK$9,000.1 million).
 
Upon completion of the acquisitions, CITIC Telecom’s shareholding in CTM increases from 20% to 99%, and CTM would become a subsidiary of CITIC Telecom.

The acquisition requires the approval of the Macau Government and relevant PRC governmental and regulatory authorities.
 
The Group expects to complete the transaction in the second half of 2013. Macau Post, an entity controlled by the Macau Government, continues to hold the remaining 1% equity in CTM.