The Bulgarian entrepreneur Spas Roussev has won the auction for the incumbent Vivacom.
Quoting a source familiar with the process, Reuters reports that he lodged a bid of €330 million, adding that the vendor VTB Capital, which is the investment banking arm of Russia’s second largest bank VTB, confirmed the process and price.
However, it also says that once debt was factored in the amount being paid will rise to €730 million. Furthermore, it will only make the name of the winner official following the signing of an agreement.
Roussev, who is based in London, is the co-founder and chairman of Kleverbeast, which represents CondeNast in Bulgaria. He has also acted as an advisor to a number of foreign investors in Bulgaria including Modern Times Group (MTG).
The deal will Vivacom will require the approval of both Bulgarian and European regulators.
It will also be disputed by the Russian businessman Dmitry Kosarev, who claims he acquired a majority (43%) stake in the telco previously held by Tsvetan Vassilev.
The latter also held a majority stake in the failed Corporate Commercial Bank and is currently facing extradition proceedings in Serbia.
