Angolan businesswoman Isabel do Santos increases stake in Portuguese media company Zon Multimédia

15 June 2012

Angolan businesswoman Isabel dos Santos has bought the 10.96 percent stake owned by Portuguese state financial group Caixa Geral de Depósitos (CGD) in media company Zon Multimédia, in a deal announced in a regulatory filing.

With this acquisition, costing 2.60 euros per share, or 88 million euros, via Jadeium, a stake-holding company based in the Netherlands, the Angolan dos Santos now has 28.8 percent of the telecommunications and multimedia operator.

“With the acquisition of this block we have achieved our objectives in relation to Zon and we believe we have found the base shareholder solution for the future of the company,” a spokesperson for Jadeium told Portuguese financial daily Diário Económico.

According to the source, the difference in price in relation to previous acquisitions – dos Santos paid Spain’s Telefonica, 2.50 euros per share, for example – was due to a premium paid for the size of the stake.

Isabel dos Santos also has other significant investments in the Portuguese economy, notably an indirect stake in oil company Galp Energia, as well as a direct stake, making her one of the biggest shareholders, of Portuguese bank BPI. (macauhub)