Sonae, SGPS, S.A. (ENXTLS : SON) launched general and voluntary tender offer to acquire remaining 15.2% stake in Sonaecom, S.G.P.S., S.A. (ENXTLS : SNC) for approximately Ç90.63 million on December 21, 2022. The offer consideration is equal to Ç2.50 cash per share. Prior to this transaction, offeror held 275,086,083 shares.

If offeror, as result of offer comes to hold 90%, or a higher percentage of target, offer will have a squeeze out mechanism which would result in exclusion of shares from admission to trading in regulated market with immediate effect. The offer is subject to compliance with all applicable legal and regulatory requirements, approval of Board of Directors and shareholders of target. As of December 21, 2022, Sonae launches takeover bid to delist Sonaecom with a 25% premium.

Caixa - Banco de Investimento, S.A. acted as financial advisor to Sonae, SGPS, S.A.