Brazilian group Oi leaves Angola’s Unitel with the sale of its stake to Sonangol

30 January 2020

Africatel Holdings B.V., an indirect wholly-owned subsidiary of the Brazilian telecommunications group Oi, sold and transferred all the shares held by Portuguese company PT Ventures SGPS to Angolan oil company Sonangol, said the group in a statement issued recently.

PT Ventures is a company under Portuguese law and holds shares in two Angolan companies, Unitel (25%) and Multitel – Serviços de Telecomunicações Lda. (40%), as well as outstanding credit rights of dividends declared by Unitel and a number of rights.

The rights it enjoys are a result of the final decision of the court of arbitration set up under the Rules of Arbitration of the International Chamber of Commerce (ICC), as part of the arbitration process launched by PT Ventures against the remaining shareholders of Unitel.

The total value of the transaction is US$1 billion, of which US$699.1 million was paid by Sonangol on 24 January and US$60.9 million had already been paid to Africatel before the transfer of the shares of PT Ventures.

The remaining US$240 million, fully secured by a bank guarantee, will have to be paid to Africatel by 31 July 2020, at a minimum monthly rate of US$40 million, starting in February 2020.

With the purchase of the Oi’s stake, Sonangol holds 50% of the share capital of the company, with 25% in the hands of Geni, a company whose largest shareholder is General Leopoldino do Nascimento.

The remaining 25%, held by Vidatel, is part of the range of assets of Isabel dos Santos that were seized by the Angolan authorities at the end of December 2019. (macauhub)