Citic Telecom International Holdings Ltd. plans to buy 79 percent of a Macau phone operator for about $1.16 billion, according to two people with knowledge of the transaction.
Citic Telecom will buy 51 percent of Companhia de Telecomunicacoes de Macau, S.A.R.L. from Cable & Wireless Communications Plc. for about $750 million, the people said, declining to be identified before the announcement. Citic Telecom will buy a 28 percent stake from Portugal Telecom SGPS SA for about $410 million, the people said.
The three companies signed the agreement yesterday in London, the people said.
Citic Telecom bought 20 percent of the Macau phone operator, also known as CTM, in February 2011 for HK$1.4 billion ($180 million).