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C&WC to Sell Macau Telecom

Light Reading
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1/14/2013
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LONDON -- Cable & Wireless Communications Plc (“CWC” or “the Company”) today announces that it has agreed with CITIC Telecom International Holdings Limited (“CITIC Telecom”) the sale of CWC’s 51% stake in Companhia de Telecomunicações de Macau S.A.R.L. ("CTM") for a total consideration of US$749.7 million (the “Disposal”). CWC’s controlling 51% stake, held through its wholly-owned subsidiary Sable Holding Limited, will be acquired by CITIC Telecom, which holds an existing 20% shareholding in CTM. Concurrently with the Disposal, CITIC Telecom has today announced it has agreed with Portugal Telecom (“PT”) to acquire its 28% stake in CTM (the “PT Disposal”). Both CWC’s 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. The Disposal 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, following the announcement of the Company’s Monaco & Islands disposal agreement in December 2012 (the “Monaco & Islands disposal”). Following completion of the Disposal and the Monaco & Islands disposal CWC’s operations will be primarily in the pan-America region. Cable & Wireless Communications plc

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