Slaughter and May is advising Cable & Wireless Communications Plc ('CWC') on its agreement with CITIC Telecom International Holdings Limited ('CITIC Telecom') for the sale of its controlling 51% stake in Companhia de Telecomunica?ões de Macau S.A.R.L. ('CTM') for US$749.7 million in cash (the 'CWC Disposal').

Concurrently with the CWC Disposal, CITIC Telecom has also agreed with Portugal Telecom ('PT') to acquire its 28% stake in CTM (the 'PT Disposal'). The CWC Disposal and the PT Disposal are conditional on the completion of each other. At completion of both transactions, CITIC Telecom will own 99% of CTM.

Completion of the CWC Disposal is also conditional upon approval from CWC and CITIC Telecom shareholders, and the Governments of Macau and the People’s Republic of China. Completion is expected to take place within six to nine months.

The CWC Disposal, which was announced on 13 January 2013, is a further step in CWC’s strategy to reshape its portfolio, reduce geographic spread and grow its business in the Central American and Caribbean region.

Cable & Wireless Communications Plc is a full-service communications business. CTM is the only full-service telecommunications provider in Macau. CITIC Telecom Group is one of Asia’s leading telecoms service providers.
 
Contacts
 
Corporate and Commercial: Andrew Jolly (partner), Neil Hyman (partner), Alex Dunn (associate), Richard Marron (associate), Nathan Lee (associate), Peiwen Chen (associate)

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