Citic to buy UK's CWC, Portugal Telecom stakes in Macau telco

HONG KONG Sun Jan 13, 2013 6:05am EST

HONG KONG Jan 13 (Reuters) - China's Citic Telecom International and Citic Pacific have agreed to buy a 79 percent stake in a Macau telecom company from U.K.-based Cable & Wireless Communications and Portugal Telecom for $1.16 billion, the Chinese companies said in a statement on Sunday.

Citic Telecom already owns a 20 percent stake in Companhia de TelecomunicaƧƵes de Macau SARL (CTM), Macau's leading telecoms company.