Mayer Brown has advised CITIC Telecom International Holdings Limited (CITIC Telecom, stock code: 1883), a leading international telecoms services provider in Asia, on the acquisition of a 79 percent stake in Companhia de Telecomunicacoes de Macau, S.A.R.L. (CTM) from UK-based Cable & Wireless Communications Plc, and Portugal Telecom.
The acquisition has a total cash consideration of over $1.1 billion and is subject to necessary government, regulatory and shareholder approval. When completed, CITIC Telecom will have increased its shareholding in CTM from 20 percent to 99 percent.
“We assisted CITIC Telecom with its listing on the Hong Kong Stock Exchange in 2007 and have worked on all of their major acquisitions since then," said Jeckle Chiu, a partner of Mayer Brown in Hong Kong. "We are glad to have involved in the development of our long-standing client, and would like to congratulate them on entering into this transaction.”
The transaction was led by Corporate & Securities partner Jeckle Chiu in Hong Kong.