Portuguese group Sonae partners Angolan businesswoman Isabel dos Santos in new business

18 December 2012

The merger between Portuguese media and telecommunications companies Zon and Optimus is expected to be completed in July 2013, and both executive commissions have been charged with preparing an integration proposal, the Portuguese financial press reported.

Last Friday, Sonaecom, of the Sonae group announced that Angolan businesswoman Isabel dos Santos, who has a 28.8 percent stake in Zon, and Sonaecom, the owner of Optimus, had reached an agreement, “to promote a merger (…) between the two companies, via incorporation of Optimus into Zon.”

Sonaecom and the stake holding companies owned by Isabel dos Santos, Kento Holding Limited and Jadeium BV (currently in the process of changing its name to Unitel International Holdings, BV) also agreed that they would accept a share exchange ratio of Zon being worth 150 percent of Optimus.

Sonaecom and Kento/Jadeium agreed to set up a 50/50 investment vehicle that would bring together a substantial part of Sonaecom’s stake in Optimus SGPS and Kento/Jadeium’s entire stake in Zon, and that, should the merger go ahead, this new company would have a controlling stake.

Zon leads a telecommunications and multimedia group with businesses in the areas of subscription television, broadband and voice services, cinema screening and distribution and audiovisual rights, and Optimus SGPS has a controlling stake in Optimus – Comunicações, which owns and operates a GSM/UMTS/LTE mobile telecommunications network covering the whole of Portugal.

The Sonae group also partners Isabel dos Santos in the food retail sector after it reached an agreement with Santos’ company Condis to open at least five Continente hypermarkets in Angola, where it plans to invest a minimum of US$102.9 million. (macauhub)