ISABEL DOS SANTOS: Angola's biggest M&A strategy

Isabel dos Santos employed M&A (mergers and acquisitions) strategically and rapidly to build an international empire over the course of roughly a decade (approximately 2006–2016), focusing on Portugal as a prime gateway to European markets. Rather than founding companies from scratch in Europe, she acquired significant—and often controlling—stakes in established firms, utilizing offshore holding companies, partnerships with Angolan state-owned enterprises (such as Sonangol, Sodiam, and ENDE), and financing derived from dividends from Angolan businesses (notably Unitel), loans from Portuguese banks, and complex corporate structures. This enabled her to become a major player in key Portuguese sectors—including energy, telecommunications, banking, and engineering—with investments estimated at over one billion euros in less than ten years.

Her strategy relied on recurring patterns revealed by investigations such as the Luanda Leaks (ICIJ, 2020): the use of corporate vehicles in jurisdictions with low transparency (the Netherlands, Malta, Switzerland, Madeira, and Luxembourg); initial entry via minority stakes that were subsequently increased; the leveraging of political and business connections in both Angola and Portugal; and the exploitation of crises or restructuring periods (such as the aftermath of the 2008 financial crisis in Portugal) to secure favorable prices or terms. Many transactions involved indirect financing from Angolan public funds or state-owned enterprises, generating substantial dividends that fueled further acquisitions. The result was a portfolio comprising over 400 companies and subsidiaries across dozens of countries, with Portugal serving as the second-largest area of ​​focus (after Angola).