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France Telecom SA to Sell Its Entire 20% Stake in Sonaecom to Sonae SGPS SA under Put and Call Option Agreement


Friday, 15 Feb 2013 01:34pm EST 

France Telecom SA (France Telecom-Orange) announced that it has decided to sells its entire 20% stake in Sonaecom SGPS SA (Sonaecom) to Sonae SGPS SA (Sonae), which holds 53.17% stake in Sonaecom. France Telecom SA also announced that France Telecom SA entered on February 15, 2013 into a put and call option agreement with Sonae and that the call is exercisable by Sonae over the next 18 months and the put will be exercisable by France Telecom SA during the three 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 (involving Sonaecom or its material assets) that consolidates or restructures the Portuguese telecommunications sector in the 24 months following the signature of the agreement. 

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