Cable & Wireless Communications has completed the $750m sale of a controlling stake in Macau’s largest telecoms group to Citic Telecom International, part of the Chinese state-controlled industrial group.
Citic will take almost full ownership of the Macau group having also agreed to acquire the 28 per cent stake held by Portugal Telecom. It already owned a 20 per cent stake in CTM, Macau’s only fixed-line provider and leading mobile phone group.
Cable & Wireless Communications (CWC) said that the deal marked the end of a corporate restructuring that has focused its business on the Caribbean and Central America.
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