Unitel valued at USD7bn; PT stake USD1.31bn

20 Aug 2014

Angola’s leading cellco Unitel has been valued at USD7 billion, and Portugal Telecom’s (PT’s) minority stake at USD1.31 billion, according to a report released by Brazilian operator Oi, which is in the process of merging with PT, MacauHub writes. Oi noted that the Angolan asset is being prepared for sale (while recent Portuguese newspaper reports claimed that Oi/PT are in negotiations with unnamed parties on how to divest the Unitel shareholding). PT owns a 75% stake in holding company Africatel, which in turn owns 25% of Unitel (giving the Portuguese group an effective 18.75% stake), with three other Angolan shareholders MSTelcom, Vidatel and Geni each owning 25% stakes, while the largest individual shareholder (with direct and indirect stakes in at least three of the aforementioned entities) is billionaire businesswoman Isabel dos Santos, the daughter of Angolan president Jose Eduardo dos Santos. In 2007 PT sold 25% of the Africatel holding to a Nigerian fund.

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