Citic moving ahead with CTM takeover via USD1bn loan

11 Jan 2013

Chinese-owned Citic Telecom International Holdings has agreed a syndicated loan of at least USD1 billion backed by seven banks as it prepares to take over Macau’s incumbent telco and multi-play operator Companhia de Telecomunicacoes de Macau (CTM), sources quoted by Thomson Reuters said. In November 2012 CommsUpdate reported that Citic Telecom International was negotiating the purchase of Cable & Wireless Communications’ 51% stake in CTM whilst also talking to Portugal Telecom about a proposal to buy its 28% share in the Macanese telco, which would raise Citic’s stake from 20% to 99%. The initial Cable & Wireless purchasing agreement is reportedly worth around USD645 million.


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