Portugal’s Sonaecom has reportedly transferred 81.80% of its shares in local subsidiary Optimus to new holding company Zon Optimus (‘Zopt’), marking the next step towards its formal merger with domestic rival Zon Multimedia. An unconfirmed report by business website JornalDeNegocios.pt suggests that Angolan businesswoman Isabel dos Santos has also transferred her 28.81% stake in Zon – held through Unitel International Holdings (18.81%) and Kento Holding (10.00%) – to Zopt as the merger gathers pace. Zopt will ultimately control 50.10% of the enlarged entity, with existing shareholders on both sides retaining the remainder of the equity.
According to TeleGeography’s GlobalComms Database, in January 2013 Zon and Optimus 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 agreement was based on an exchange ratio that granted Zon a value corresponding to 1.5 times the value of Optimus.