Africa’s richest woman Isabel dos Santos has reached an agreement with Portuguese state owned bank Caixa Geral de Depositos to acquire a further 10.96 percent of Portugal’s leading pay-TV and Internet provider Zon Multimedia.
Last month, dos Santos increased her stakes by 5 percent becoming the largest shareholder of Zon Multimedia, with her total share rising to 15 percent.
The entrepreneurial daughter of Angola’s President, who has been snapping up stakes in Portuguese companies as the country goes through its debt crisis, will now control 28.8 of the company through her latest purchase.
In a statement, Zon disclosed that Jadeium, a company owned by dos Santos, had agreed to buy 33.8 million Zon shares from Caixa, with the purchase date slated for July 2. However, details of the value of the deal were not provided.
Portugal’s €78 billion ($98 billion) bailout by the European Union and IMF obliges Caixa to sell all non-strategic holdings
According to analysts, dos Santos’ holdings in Zon could be part of a strategy to eventually merge Zon with Portugal’s third largest telecommunications company, Sonaecom.
Multi-sectored investor, Isabel dos Santos is Africa’s richest woman. She is said to be worth at least $170 million, with significant business interests in telecommunications, media, retail, finance and the energy industry, both in Angola and Portugal.