The Bulgarian incumbent Vivacom (BTC) is set for yet another change in ownership.
Reuters reports that VTB Capital, the investment/banking arm of Russia’s second largest bank VTB, has hired a global advisory firm to help it with an immediate sale.
It has been able to do so as it is a facility and security agent for a €150 million bridge financing loan provided to InterV.
The latter is a Luxembourg-based indirect holding company of Vivacom and it defaulted a loan payment in May this year. The loan was secured by 100% of shares of InterV.
Vivacom has had a number of owners in the last few years, with VTB Capital and Corporate Commercial Bank most recently assuming control of the telco in 2012.
The Corporate Commercial Bank was subsequently hit by a scandal and shut down, and earlier this year the European investment group LIC33 acquired a 43% stake in Vivacom for a nominal fee plus a commitment to refinance existing debts.
