The European Investment Bank (EIB) has agreed to loan €110m (US$150m) to Portugal’s second largest telco Zon Optimus to invest in its mobile broadband network.
The transaction marks the first financing secured by the company since its merger…
The European Investment Bank (EIB) has agreed to loan €110m (US$150m) to Portugal’s second largest telco Zon Optimus to invest in its mobile broadband network.
The transaction marks the first financing secured by the company since its merger completed at the end of August.
The terms of the loan were not disclosed. Zon Optimus plans to enhance its 3G and 4G operations with the proceeds.
Commenting on the loan Zon Optimus’ CEO Miguel Almeida said: “It is particularly relevant for our group at a time when we are actively integrating our fixed and mobile Infrastructures as a result of our recently completed merger.”
Zon previously arranged a €100m loan with the EIB in 2009 to invest in its fibre network when it only offered cable and fixed-line services. This year it merged with Portugal’s number three mobile operator Optimus. The converged Zon Optimus provides quad-play services.
EIB’ vice-president Magdalena Alvarez commented: “This loan will contribute to foster the competitiveness of the Portuguese market for mobile communications also in compliance with the banks’ objective to support a strong knowledge economy based on fluid information flows.”
