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Mayer Brown JSM and Slaughter and May have taken advisory roles on Cable & Wireless Communications’ (CWC) agreement to sell its controlling stake in a Macau telecom company to CITIC Telecom International for $750m (£466m) in cash.
A Slaughters team led by London corporate partner Andrew Jolly and Hong Kong corporate partner Neil Hyman advised longstanding client CWC on its proposed sale of its 51 per cent stake in Companhia de Telecomunicaҫões de Macau (CTM).
The buyer, CITIC, listed in Hong Kong, was advised by Mayer Brown JSM Hong Kong corporate partner Jeckle Chiu.
Concurrently, CITIC has also agreed with Portugal Telecom to acquire its 28 per cent stake in CTM for $350m (£217m). Portugal Telecom’s adviser is unconfirmed.
The two acquisitions has a combined cash consideration of over $1.1bn (£680m) and is subject to necessary government, regulatory and shareholder approval. Upon the completion of both transitions, CITIC’s total shareholding in CTM will increase from 20 per cent to 99 per cent.
Background to this deal:
Slaughters is a longstanding adviser to FTSE 250 company CWC. Jolly is the relationship partner, who also recently assisted the client with the sale of the majority of the businesses within its Monaco & Islands division to Bahrain Telecommunications Company.
Mayer Brown JSM’s Jeckle Chiu also has a track record for advising CITIC on transactions. He led the firm’s team advising on the company’s 2007 Hong Kong IPO, among other deals.