EDP offloads Sonaecom stake

21 Oct 2009

Portuguese energy firm Energias de Portugal (EDP) has announced that it has sold its stake in fixed line operator Sonaecom. The company offloaded its 26.98 million shares, equivalent to nearly 8% of Sonaecom, at a price of EUR1.98 (USD2.96) per share. In total, the EDP unit sold the stake for EUR53.4 million, giving the company an approximate value of EUR671 million. EDP said that the sale formed part of the firm’s strategy of ‘divesting from non core assets.’ According to TeleGeography’s GlobalComms database, Sonaecom is the country’s second largest fixed line operator after market leader Portugal Telecom, at the end of June 2009 the company had over 360,000 fixed line customers. The telco also holds around 9.8% of the domestic broadband market by subscribers, while its wireless arm, Optimus, held 18.5% of the cellular market at the same date.

Portugal, Optimus (Clix)