OniWay closure gets shareholder approval

8 Jan 2003

Shareholder’s in Portugal’s newest mobile operator, OniWay, have approved a deal to sell the cellco’s assets to three of its rivals and close the company. 72% of shareholders voted in favour of closure at a meeting on Monday, with the only opposition coming from Norway’s Telenor and Spanish power company Iberdrola, which hold 20% and 8% of the cellco respectively. The closure follows last month’s announcement by electricity company EDP, which controls 68% of the cellco through its telecoms unit Oni, that it was to stop funding OniWay due to increasing economic and technical problems. The closure comes little more than a year after the operator received one of the country’s four UMTS licences. OniWay’s assets are to be sold equally to its rivals, Telcel, TMN and Optimus, for a total EUR150 million.

Portugal