FT-Orange agrees to divest 20% Sonaecom stake to Sonae Group

18 Feb 2013

Portuguese conglomerate Sonae and France Telecom–Orange (FT-Orange) have entered into a put and call option agreement that will allow the French company to divest its entire 20% stake in Portuguese telecoms firm Sonaecom. Sonae, which currently holds a 53.17% stake in Sonaecom, will pay EUR98.9 million (USD132.1 million) for the stake, although this could rise to EUR113.5 million ‘if Sonaecom participates in a material transaction (involving Sonaecom or its material assets) that consolidates or restructures the Portuguese telecommunications sector in the 24 months following the signature of the agreement’.

According to TeleGeography’s GlobalComms Database, in January 2013 Sonaecom subsidiary Optimus and fellow telco Zon Multimedia announced that their respective boards had unanimously approved plans to merge the two companies, with all Optimus assets and liabilities scheduled to be transferred to Zon’s control. The merger is based on an exchange ratio that grants Zon a value corresponding to 1.5 times the value of Optimus. As such, Zon will increase its share capital and grant Optimus’ stake-holders new shares representing 40% of the enlarged company’s equity. Following the merger the new company will adopt ‘Zon Optimus’ as its corporate name.

Portugal, Optimus (Clix), Optimus (Movel), Orange Group