Vivacom sale wins approval

The European Commission has given the go-ahead to the latest ownership change at the Bulgarian incumbent telco Vivacom, which includes a DTH platform among its interests.

As a result, reports Novinite, the last obstacle to the company’s acquisition by Bulgaria’s Corporate Commercial Bank and the Russian bank VTB has been removed.

The sale, which is now likely to be concluded in November, will see the two banks acquire a combined stake of at least 73% in Vivacom, which will then probably be split equally between them.

They will pay €130 million in cash and €588 million of reinstated loans, with senior secured creditors retaining a minority stake in the company.