Among the assets to be sold are long distance phone services in Hong Kong and Canada and broadband services in Hong Kong. City Telecom will also sell its call-centre and customer support services in China.
City Telecom plans to use the proceeds from the sale to build up its free-to-air television service, which is estimated to cost $321.9 million over the next four years.
CVC is acquiring the City Telecom assets through Metropolitan Light Company Limited.
Last year the private equity firm bought a 49% stake in the Indonesian cable TV and internet businesses of First Media for $269 million.