France Telecom-Orange is disposing its shareholding in Sonaecom, the Portuguese telecommunications operator, to Sonae.
Sonae and France Telecom–Orange have entered into a put and call option agreement that will allow France Telecom to divest its entire 20% stake in the Portuguese telecommunications operator, Sonaecom. Sonae, which currently holds a 53.17% stake, is already the majority shareholder of Sonaecom.
The call is executable by Sonae over the next 18 months and the put can be exercised by France Telecom during the three months following the initial period. They are can both be exercised at the same price of €98.9 million.
The price could be increased to €113.5 million if Sonaecom participates in a material transaction (involving Sonaecom or its material assets) that consolidates or restructures the Portuguese telecommunications sector in the 24 months following the signature of the agreement.
This agreement is subject approval by the Portuguese Securities Commission (CMVM).
According to a statement, 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.
