Sonae exercises option for Orange stake in Sonaecom

29 Aug 2013

Portuguese conglomerate Sonae has confirmed that it has decided to exercise the February 2013 option to purchase the 20% stake in its communications arm Sonaecom currently held by Paris-based Orange Group (formerly France Telecom-Orange). The move comes just one day after Sonaecom’s Optimus unit was granted permission to merge with rival operator Zon Multimedia.

As previously reported by TeleGeography’s CommsUpdate, in February 2013 Sonae and the Orange Group entered into a put and call option agreement that will allow the French company to divest its entire 20% stake in Sonaecom for EUR98.9 million (USD132.1 million). However, with reference to the just-announced Zon merger, the terms of the deal stipulated that the price would 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’.

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