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Portugal Telecom SGPS SA Concludes Sale of 28% Stake in Companhia de Telecomunicacoes de Macau S.A.R.L.; Enters Into Strategic Alliance Agreement with CITIC Telecom International Holdings Limited


Friday, 21 Jun 2013 02:50am EDT 

Portugal Telecom SGPS SA (PT) announced the conclusion of the sale of its minority stake in Companhia de Telecomunicacoes de Macau S.A.R.L. (CTM) representing 28% of CTM’s share capital, to CITIC Telecom International Holdings Limited (CITIC Telecom). At completion, PT received total proceeds of USD 443.0 million including the consideration of USD 411.6 million, as announced on January 13, 2013, plus an additional USD 31.4 million representing the proportionate share of the net cash in CTM attributable to PT and certain working capital adjustments. At current exchange rate this represents a cash-inflow of approximately EUR 330 million. CITIC Telecom and PT also entered into a strategic alliance agreement for capitalizing on their respective expertises in certain areas of collaboration in the telecom sector and in the identification of ICT investment opportunities in order to create value for their respective shareholders. Pursuant to this strategic alliance agreement, CITIC Telecom will select PT as the CITIC Telecom Group’s strategic ICT service provider. 

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25 Nov 2014