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France Telecom reaches deal to sell Sonaecom stake

2013-02-15 21:12:00| Telecompaper Headlines

(Telecompaper) Portuguese conglomerate Sonae and France Telecom-Orange have entered into a put and call option agreement on 15 February that will allow Orange to divest its entire 20 percent stake in the Portuguese telecommunications operator Sonaecom. Sonae already holds a 53.17 percent stake of Sonaecom. The call is exercisable by Sonae over the next 18 months and the put will be exercisable by France Telecom during the 3 months following this initial period. They are both exercisable at the same price of EUR 98.9 million. The price could be increased to EUR 113.5 million if Sonaecom participates in a material transaction that consolidates or restructures the Portuguese telecom sector in the two years following the signature of the agreement. The company is currently in the process of merging with its larger rival Zon Multimedia.

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