Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Sonaecom, Dos Santos Reach Agreement on Merger of Zon, Optimus

Sonaecom SGPS SA said it reached an agreement with Angolan investor Isabel dos Santos to recommend a merger of its Optimus SGPS SA wireless unit with Zon Multimedia SGPS SA, Portugal’s biggest cable-television provider.

The merger, “based on the incorporation of Optimus SGPS into Zon,” will be recommended to the boards of Zon and Optimus, Sonaecom said today in a regulatory filing. Sonaecom and Dos Santos said they consider “acceptable” an exchange ratio giving Zon a valuation equal to 150 percent of Optimus’s. They said they’re open to a different ratio, based on the opinions of Optimus and Zon’s management.

Sonaecom, based in Senhora da Hora, northern Portugal, owns Optimus, Portugal’s smallest mobile-phone operator, and dos Santos is the biggest shareholder in Zon, with a 28.8 percent stake held through Kento Holding Ltd. and Jadeium BV. Portuguese retailer Sonae SGPS SA, Sonaecom’s parent company, last year formed a partnership with a dos Santos-controlled company to open a chain of hypermarkets in Angola.

Sonaecom slipped 0.5 percent to close at 1.54 euros in Lisbon before the announcement, valuing it at 562.6 million euros ($741 million). Zon fell 0.4 percent to 2.81 euros, giving the Lisbon-based company a market value of 869.8 million euros.

A merged company would have better capacity to invest in new markets and new products, Sonaecom said in the statement.

Sonaecom and Zon are “completely complementary,” Sonaecom Deputy Chief Executive Officer Miguel Almeida said in a Sept. 21 interview. “For the past four years we have defended” the idea of a merger, he said. Zon CEO Rodrigo Costa repeatedly said he was focused on organic growth.

Zon was spun off from Portugal Telecom SGPS SA following Sonaecom’s failed bid for the former national phone monopoly in 2007. Sonaecom competes with Portugal Telecom’s TMN mobile unit and Vodafone Group Plc for mobile customers in Portugal. Zon also competes with Portugal Telecom’s Meo cable unit.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.