AFRICANGLOBE – Isabel Dos Santos, Africa’s youngest female billionaire and Angola’s richest woman, has made an audacious bid to acquire Portugal Telecom, the largest telecommunications service provider in Portugal.
The deal is said to be worth around $1.5 billion.
“Isabel Dos Santos has made the bid of 1.35 euros per share of Portugal Telecom through Lisbon-based Terra Peregrin Participacoes SGPS SA. The offer price represents an 11 percent premium to Portugal Telecom’s closing stock price of 1.217 euros on November 7,” a statement posted on website of Portuguese securities regulator CMVM revealed.
The bid is hinged on the acquisition of more than 50 percent of Portugal Telecom’s shares. But this will not affect the planned merger between Portugal Telecom and Brazilian telecommunications company Oi SA (OIBR).
Although Portugal Telecom SGPS SA, also known as PT, operates mainly in Portugal and Brazil, it holds a significant market presence in Africa. Portugal Telecom offers its services in Guinea Bissau, Cape Verde, Mozambique, Timor-Leste, Angola, Kenya and Sao Tome and Principe.
By: George Mpofu