Hong Kong-based backhaul operator Citic Telecom has completed its takeover of a 79% stake in Macanese incumbent Companhia de Telecomunicacoes de Macau (CTM) ahead of schedule.
The company received approval from shareholders, Chinese governmental and…
Hong Kong-based backhaul operator Citic Telecom has completed its takeover of a 79% stake in Macanese incumbent Companhia de Telecomunicacoes de Macau (CTM) ahead of schedule.
The company received approval from shareholders, Chinese governmental and regulatory authorities as well as the Macau government for the US$1.16bn deal announced earlier this year. The stake was acquired from CWC and Portugal Telecom.
To finance the purchase, Citic secured a US$630m loan, issued US$450m 12-year bonds and raised US$235.2m in a rights issue.
The operator had previously said it was expecting the deal to be completed by September 2013.
