A PYMNTS Company

Bulgaria: Competition watchdog gives green light to Vivacom sale

By  |  January 10, 2016
Bulgaria’s competition watchdog said on Friday it has given the go ahead for Bulgarian businessman Spas Roussev to take control of the country’s leading telecoms operator Vivacom.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Vivacom was put up for auction by its previous owner VTB Capital, the investment banking arm of Russia’s VTB bank , after an indirect holding company of Vivacom defaulted on a 150 million euro bridge financing loan last May.

    Roussev, a real estate investor with experience in the telecoms sector, paid 330 million euros for Vivacom and agreed to take on 400 million euros of debt, meaning the implied price of Vivacom was 730 million euros.

    Bulgaria’s biggest telecoms operator by revenue has had financial difficulties due to its association with fugitive businessman Tsvetan Vassilev, who has been charged with embezzlement relating to the collapse of the country’s fourth-largest lender Corporate Commercial Bank.

    Full content: Novinite

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.