China's Citic Telecom International and Citic Pacific have agreed to buy a 79 percent stake in a Macau telecom company from U.K.-based Cable & Wireless Communications and Portugal Telecom for $1.16 billion, the Chinese companies said in a statement on Sunday.

Citic Telecom <1883.HK> already owns a 20 percent stake in Companhia de Telecomunica����es de Macau SARL (CTM), Macau's leading telecoms company.

(Reporting by Denny Thomas; Additional reporting by Kate Holton. Editing by Michael Flaherty and Jane Merriman)