CITIC Telecom International Holdings Limited (SEHK:1883) is planning to acquire 79% in Companhia de Telecomunicacoes de Macau S.A.R.L. from Portugal Telecom, SGPS S.A. (ENXTLS:PTC) and Cable & Wireless Communications PLC for $1.2 billion, reported Dow Jones citing people with the direct knowledge of the matter. CITIC Telecom will acquire 51% stake from Cable & Wireless Communications and 28% stake from Portugal Telecom, added the people. People also added that the transaction will be announced by January 13, 2013.
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