Turkcell bids EUR1.3b for BTC stake

5 Apr 2007

Turkey’s largest cellco by subscribers Turkcell has made an offer of up to EUR1.3 billion (USD1.73 billion) for a 65% stake in Bulgarian fixed line operator BTC, writes the Economist Intelligence Unit (EIU). The stake in BTC is being sold by Novator, controlled by Iceland’s richest man Thor Bjorgolfsson, which acquired an option on the stake from Viva Ventures in January 2006.

Media reports have said besides Turkcell, Turkey’s leading fixed-line operator Turk Telecom and private equity investment funds Providence Equity Partner, Texas Pacific Group, Warburg Pincus and Mid Europa Partners are also interested in the deal. Novator has said it expects Lehman to have proposals on how to proceed with the deal at the end of April at the latest.

Bulgaria, Turkcell, Vivacom (BTC)