HONG KONG (Reuters) - 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 (>> Cable and Wireless Communications Plc) and Portugal Telecom (>> P.TELECOM) for $1.16 billion, the Chinese companies said in a statement on Sunday.

Citic Telecom (>> Citic Telecom International Holdings Ltd) already owns a 20 percent stake in Companhia de Telecomunicações 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)