The Turkish mobile operator Turkcell has confirmed that it has entered a bid to acquire a 93.99% stake in the Bulgarian telco Vivacom. That takes the number of bidders for the Vivacom stake to four, with Turkcell joining the head of Bulgaria’s Corporate Commercial Bank, Tsvetan Vassilev, Icelandic businessman Thor Bjorgolfsson, and UK-based private equity firm Pamplona Capital Management as potential buyers. Earlier this week Turkcell denied reports that it would table an offer of USD1.4 billion for Vivacom, although it did acknowledge an interest in the sale.
Vivacom is currently controlled by Hong Kong-based firm PCCW via its investment unit Pine Bridge Investments. According to the TeleGeography GlobalComms Database, Vivacom is the largest fixed line and internet operator in Bulgaria and is also present in the wireless market, where it is the smallest of the country’s three service providers.