BC Funds and Providence Equity have emerged as front runners to buy the Bulgarian incumbent BTC (Vivacom).
Quoting several sources, Capital reports that although a total of 10 financial investors have shown an interest in BTC, as of this summer only three had submitted offers and one of these did not meet the requirements.
Binding bids from BC Funds and Providence Equity must now be lodged by mid-October.
London-based BC Partners is bidding through United Group, which it acquired from KKR last year and whose assets already include Serbia Broadband (SBB).
Providence Equity, on the other hand, lists All Media Baltics, the company it created from Modern Times Group’s Baltic assets, among its investments.
Should a sale be concluded, it will be the sixth ownership change for BTC.
The last took place in 2016, when a consortium led by Spas Rusev secured a majority stake in the company.
