Hong Kong operator CITIC Telecom is to take control of Macau operation Companhia de Telecomunicações de Macau (CTM) after agreeing to purchase the 51 per cent stake owned by Cable & Wireless Communications for a total consideration of $749.7m.

CITIC Telecom holds an existing 20 per cent shareholding in CTM and has also agreed with Portugal Telecom to acquire its 28 per cent stake in CTM, giving it ownership of 99 per cent of the Macau carrier.

Each deal is conditional on the completion of the other.

C&W said the disposal is a further step in its 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 disposal agreement in December.

At 30 September 2012, CTM claims it had $323m of gross assets, and 460,000 mobile, 173,000 fixed line and 142,000 broadband customers.

Tony Rice, chief executive of Cable & Wireless Communications, commented: “Following completion of these transactions, we will be a focused pan-America regional operator, with a strong balance sheet, and we intend to pursue new growth opportunities, both organic and inorganic, in this region.”