The sale of the Bulgarian incumbent telco BTC, which operates under the brand name Vivacom, has moved a stage closer.
Novinite reports that the telco’s creditors have apparently accepted the offer for the company that has been made by Bulgaria’s Corporate Commercial Bank and Russia’s VTB Capital.
Under the terms of the deal, which is likely to be finalised in September, the latter have agreed to pay €130 million in cash to the senior lender for a majority stake, along with €588 million of restated loans.
Senior lenders will be able to exit their loan positions after investors pay a total of €617 million.
Vivacom, which is currently majority (94%) owned by PineBridge Investments, includes a DTH platform among its interests.