France Telecom agrees to sell Sonaecom stake

France Telecom agrees to sell Sonaecom stake

France Telecom has agreed on an option to sell its 20% stake in Portuguese telco Sonaecom to majority owner Sonae.

The 21-month deal enables Sonae, holder of a 53.17% stake in Sonaecom, the possibility of acquiring the stake during the first 18 months. France Telecom will be able to sell the stake to Sonae in the final three months.

The stake price has been set at €98.9 million, rising to €113.5 million if Sonaecom participates in a transaction that consolidates or restructures the Portuguese telecoms sector in the two years following the signing of the agreement.

“This agreement secures France Telecom-Orange’s stated objective of disposing of its minority shareholding in Portugal under terms that allow the group to benefit from the potential consolidation of the Portuguese telecommunications market,” France Telecom said in a statement.

The option agreement is subject to confirmation from the Portuguese Securities Commission.

Sonae agreed in Janaury to merge its Optimus mobile unit with Zon Multimedia to Portugal’s second largest telecoms firm. The deal is reportedly being led by Zon’s largest shareholder, Isabel dos Santos, the daughter of Angola’s president.

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