Portugal Telecom (PT) and U.K.-based Cable & Wireless (CBWYY.PK) agree to sell their...

|About: Portugal Telecom SGPS SA (PT)|By:, SA News Editor

Portugal Telecom (PT) and U.K.-based Cable & Wireless (CBWYY.PK) agree to sell their combined 79% holding in Cia. de Telecomunicacoes de Macau to China's Citic Telecom for $1.16B. Portugal Telecom will receive $411.6M for its 28% while C&W will receive $749.7M for its 51%. The sale is part of the European telecom companies' strategies to streamline their operations.