Chinese state-owned Citic Telecom’s shareholders have approved a deal to acquire a 79% stake in Macanese incumbent Companhia de Telecomunicacoes de Macau (CTM) for US$1.16bn.
Almost all (99.99%) of shareholders approved the sale and purchase and…
Chinese state-owned Citic Telecom’s shareholders have approved a deal to acquire a 79% stake in Macanese incumbent Companhia de Telecomunicacoes de Macau (CTM) for US$1.16bn.
Almost all (99.99%) of shareholders approved the sale and purchase and related agreements at the 12 April EGM, Citic said in a statement.
The Hong Kong-based operator agreed in January to buy out Cable & Wireless Communications’ and Portugal Telecom’s stakes in CTM, boosting its own shareholding to 99%.
The acquisition is subject to the approval of the Macau Government and relevant Chinese governmental and regulatory authorities.
Citic said in January that it expects to complete the transaction in the second half of 2013.
In late February, Citic issued 12-year bonds valued at US$450m to help fund the transaction.
Barclays is Citic’s lead financial adviser on the acquisition, with Citic Securities Corporate Finance also advising on finance.
CTM has a monopoly on fixed-line and broadband services in Macau and also offers mobile telephony. Macau’s government holds a 1% stake in the operator.
