Sonae takes additional stake in Nos; scraps ownership venture with Isabel dos Santos

21 Aug 2020

Portuguese conglomerate Sonae has signed an agreement with Banco BPI to acquire a direct 7.38% stake in multi-play telecoms operator Nos ‘at market price’, resulting in Sonae’s total share capital and voting rights in Nos increasing to 59.52%, the group stated in an investor release. It noted that a 52.15% tranche of its share capital and voting rights is held via the joint control exercised by its subsidiary Sonaecom in holding company ZOPT.

Simultaneously, however, Sonaecom – holder of 50% of the share capital of ZOPT, which owns a 52.15% stake in Nos – announced that the three shareholders of ZOPT (itself, Unitel International Holdings and Kento Holding) have agreed to dissolve ZOPT, with its shares to be distributed proportionately. Once the process is completed, Nos will no longer be under the joint control of Sonaecom and Isabel dos Santos (the controlling shareholder of Unitel International Holdings and Kento Holding). Sonaecom also stated that it intends to remain a reference shareholder of Nos, and ‘to continue to ensure a shareholder stability framework that is beneficial to the development of its important business project in the telecommunications sector.’ Upon dissolution of ZOPT, the Sonae group will remain a controlling shareholding of Nos with a 33.45% share capital and voting stake.

Portugal, Nos, Unitel International Holdings