Chinese telco Citic Telecom could pay UK-listed Cable & Wireless Communications (CWC) between US$700m and US$750m for its 51% stake in Macau operator CTM, according to a Bloomberg report citing two people familiar with the matter.
A deal may be…
Chinese telco Citic Telecom could pay UK-listed Cable & Wireless Communications (CWC) between US$700m and US$750m for its 51% stake in Macau operator CTM, according to a Bloomberg report citing two people familiar with the matter.
A deal may be reached in the next few weeks, one of the sources said.
CWC declined to comment on the report while Citic was not immediately available for comment before the press deadline.
Nine days ago the companies confirmed that they were in talks regarding a sale of CTM.
Citic currently has a 20% stake in the Macau telco, which has a monopoly on fixed-line and broadband services in the gambling haven.
The remainder of CTM is 28%-owned by Portugal Telecom (PT) and 1% by the Macau government.
CWC and Citic have worked together since 1981 when they established the business together, along with PT and the local postal service.
Last month CWC said it was in talks to sell its Monaco & Islands business to Bahrain’s Batelco, with a reported figure of roughly US$1bn.
