BTC sale postponed again

20 Apr 2004

The Bulgarian Privatisation Agency announced on Monday that it would further postpone the sale of state-owned telco Bulgarian Telecommunications Company (BTC), a process which has already been delayed several times. The state is awaiting a ruling on whether the award of a mobile licence as part of the deal would break competition rules. It struck a deal with US-based private equity fund Advent in February, when the latter agreed to purchase 65% of BTC for EUR230 million, on the condition that it be given a GSM licence, but new legislation over the award of mobile licences has threatened the agreement. The government has now pushed back the final date of the sale to 20 June while it waits for a decision.

Bulgaria, Vivacom (BTC)