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France's Orange Sells 20% Stake in Portuguese Mobile Network

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Portugal's Sonae has exercised an option it has to buy a 20% stake in its mobile network subsidiary, Sonaecom from France's Orange.

Sonaecom is the holding company that owns the Optimus mobile network.

In a brief statement, the Portuguese conglomerate said that it was exercising the opinion under terms that were previously announced back in February.

Sonae is paying EUR113.5 million for the stake.

After the transaction completes, Sonae will lift its holding to just under 74 percent, with just under 24.6% listed on the stock market. A small stake is held in treasury by the company itself.

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Tags: sonaecom  Portugal