LISBON, Dec 20 (Reuters) - A company owned by the daughter of Angola's president agreed to buy a 10 percent stake in Portugal's pay TV and Internet company Zon in a deal that also marks the beginning of Zon's expansion to Africa.
Zon said in a statement on Sunday the price of 5.3 euros ($7.63) per share to be paid by Isabel dos Santos' Malta-registered Kento Holding represents a 26.4 percent premium over Friday's closing level and an 18.9 percent premium over the three-month average price.
Zon is selling a 4.53 percent stake in shares it had bought back in the market. State-run Caixa Geral de Depositos bank will sell its 2.5 percent stake in Zon and another Zon stockholder, Cinveste, will sell around 3 percent.
The total to be paid for these stakes is about 164 million euros.
Isabel dos Santos, the daughter of Angolan President Jose Eduardo dos Santos, runs various businesses in the construction, telecommunications, retail and banking sectors.
Zon said its expansion into Angola, a former Portuguese colony where the economy continues to grow despite the global recession, will be done via a 30 percent stake in a joint venture with Isabel dos Santos.
The joint venture will develop satellite-based pay TV in the southwest African country. Under Angolan law, foreigners cannot hold more than 30 percent in local media companies.
'ZON has repeatedly stated its ambition to explore international growth opportunities and this move represents a first step in a broader strategy to develop operations in the African continent,' the company said.
Zon, which was spun off from Portugal Telecom in 2007, is Portugal's leading pay-TV operator and top provider of bundled TV, Internet and telephone services. It actively competes with Portugal Telecom in Portugal.
($1=0.6949 Euro)
((Reporting by Andrei Khalip, Editing by Gary Crosse))
((andrei.khalip@thomsonreuters.com; +351-213-509-209; Reuters Messaging: andrei.khalip.reuters.com@reuters.net)) Keywords: ZON ANGOLA/
* Isabel dos Santos buys 10 pct stake, at 26 pct premium
* Zon Multimedia to expand to Angola, Africa
LISBON, Dec 20 (Reuters) - A company owned by the daughter of Angola's president agreed to buy a 10 percent stake in Portugal's pay TV and Internet company Zon in a deal that also marks the beginning of Zon's expansion to Africa.
Zon said in a statement on Sunday the price of 5.3 euros ($7.63) per share to be paid by Isabel dos Santos' Malta-registered Kento Holding represents a 26.4 percent premium over Friday's closing level and an 18.9 percent premium over the three-month average price.
Zon is selling a 4.53 percent stake in its own shares it had bought back in the market. State-run Caixa Geral de Depositos bank will sell its 2.5 percent stake in Zon, and another Zon stockholder, Cinveste, will sell around 3 percent.
The total to be paid for these stakes is about 164 million euros. Isabel dos Santos is the daughter of Angola's leader Jose Eduardo dos Santos. She runs various businesses in the construction, telecommunications, retail and banking sectors.
Zon said its expansion to Angola, a former Portuguese colony whose economy continues to grow despite the global recession, will be done via a 30 percent stake in a joint venture with Isabel dos Santos.
The joint venture will develop satellite-based pay TV in the southwest African country. Under Angolan law, foreigners cannot hold more than 30 percent in local media companies.
'ZON has repeatedly stated its ambition to explore international growth opportunities and this move represents a first step in a broader strategy to develop operations in the African continent,' Zon said.
Zon, which was spun off from Portugal Telecom in 2007, is Portugal's leading pay-TV operator and top provider of bundled TV, Internet and telephone services. It actively competes with Portugal Telecom on the home turf.
(Reporting by Andrei Khalip; editing by Carol Bishopric) ($1=.6949 Euro) Keywords: ZON ANGOLA/ (andrei.khalip@thomsonreuters.com; (351) 213-509-209; RM: andrei.khalip.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Zon said in a statement on Sunday the price of 5.3 euros ($7.63) per share to be paid by Isabel dos Santos' Malta-registered Kento Holding represents a 26.4 percent premium over Friday's closing level and an 18.9 percent premium over the three-month average price.
Zon is selling a 4.53 percent stake in shares it had bought back in the market. State-run Caixa Geral de Depositos bank will sell its 2.5 percent stake in Zon and another Zon stockholder, Cinveste, will sell around 3 percent.
The total to be paid for these stakes is about 164 million euros.
Isabel dos Santos, the daughter of Angolan President Jose Eduardo dos Santos, runs various businesses in the construction, telecommunications, retail and banking sectors.
Zon said its expansion into Angola, a former Portuguese colony where the economy continues to grow despite the global recession, will be done via a 30 percent stake in a joint venture with Isabel dos Santos.
The joint venture will develop satellite-based pay TV in the southwest African country. Under Angolan law, foreigners cannot hold more than 30 percent in local media companies.
'ZON has repeatedly stated its ambition to explore international growth opportunities and this move represents a first step in a broader strategy to develop operations in the African continent,' the company said.
Zon, which was spun off from Portugal Telecom in 2007, is Portugal's leading pay-TV operator and top provider of bundled TV, Internet and telephone services. It actively competes with Portugal Telecom in Portugal.
($1=0.6949 Euro)
((Reporting by Andrei Khalip, Editing by Gary Crosse))
((andrei.khalip@thomsonreuters.com; +351-213-509-209; Reuters Messaging: andrei.khalip.reuters.com@reuters.net)) Keywords: ZON ANGOLA/
* Isabel dos Santos buys 10 pct stake, at 26 pct premium
* Zon Multimedia to expand to Angola, Africa
LISBON, Dec 20 (Reuters) - A company owned by the daughter of Angola's president agreed to buy a 10 percent stake in Portugal's pay TV and Internet company Zon in a deal that also marks the beginning of Zon's expansion to Africa.
Zon said in a statement on Sunday the price of 5.3 euros ($7.63) per share to be paid by Isabel dos Santos' Malta-registered Kento Holding represents a 26.4 percent premium over Friday's closing level and an 18.9 percent premium over the three-month average price.
Zon is selling a 4.53 percent stake in its own shares it had bought back in the market. State-run Caixa Geral de Depositos bank will sell its 2.5 percent stake in Zon, and another Zon stockholder, Cinveste, will sell around 3 percent.
The total to be paid for these stakes is about 164 million euros. Isabel dos Santos is the daughter of Angola's leader Jose Eduardo dos Santos. She runs various businesses in the construction, telecommunications, retail and banking sectors.
Zon said its expansion to Angola, a former Portuguese colony whose economy continues to grow despite the global recession, will be done via a 30 percent stake in a joint venture with Isabel dos Santos.
The joint venture will develop satellite-based pay TV in the southwest African country. Under Angolan law, foreigners cannot hold more than 30 percent in local media companies.
'ZON has repeatedly stated its ambition to explore international growth opportunities and this move represents a first step in a broader strategy to develop operations in the African continent,' Zon said.
Zon, which was spun off from Portugal Telecom in 2007, is Portugal's leading pay-TV operator and top provider of bundled TV, Internet and telephone services. It actively competes with Portugal Telecom on the home turf.
(Reporting by Andrei Khalip; editing by Carol Bishopric) ($1=.6949 Euro) Keywords: ZON ANGOLA/ (andrei.khalip@thomsonreuters.com; (351) 213-509-209; RM: andrei.khalip.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.