Zon shareholders approve Optimus merger

The shareholders in Portuguese telco Zon Multimedia have approved plans to merge the company with full-service telecoms provider Optimus, owned by local conglomerate Sonae’s communications arm Sonaecom. Earlier this year the boards of the two firms gave their unanimous approval for the deal, which was first announced in December 2012 and will see all Optimus assets and liabilities transferred to Zon’s control. The merger is based on an exchange ratio that grants Zon a value corresponding to 1.5 times the value of Optimus, notes TeleGeography’s GlobalComms Database. As such, Zon will increase its share capital and duly grant Optimus’ stakeholders new shares representing 40% of the enlarged company’s equity. Following the merger the new company will adopt ‘Zon Optimus’ as its corporate name.