Angola - Oi claims EUR2.8bn from Unitel shareholders in international arbitration court

16 February 2018

Mergers, Acquisitions and Financial Results

An arbitration procedure has begun at the International Chamber of Commerce (ICC) in Paris between the feuding shareholders of Angolan mobile operator Unitel, Portuguese newspaper Publico reported. Brazilian telco Oi, which inherited its minority Unitel stake in 2014 from the former Portugal Telecom, is claiming compensation of around EUR2.8 billion (USD3.4 billion) from the Angolan shareholders of Unitel, including billionaire Isabel dos Santos. The claim represents unpaid dividends and additional compensation for the Angolan partners allegedly preventing Oi from exercising shareholder rights.

25% of Unitel is registered to PT Ventures, itself owned by Africatel Holdings BV, which is in turn 86%-owned by Brazil’s Grupo Oi SA (Oi), giving Oi an effective 21.5% stake in the Angolan cellco.

Source: Telegeography