Vivacom sale falters, reports suggest

3 May 2012

According to local press reports in Bulgaria, the planned sale of a majority stake in incumbent telco Vivacom has collapsed, with creditors rejecting the offers made by all three bidders. reports that bids from Bulgaria’s Corporate Commercial Bank and Icelandic businessman Thor Bjorgolfsson were rejected outright as being too low, while an offer from mobile group Turkcell – thought to be around EUR870 million – failed because of the terms attached to the bid by the Turkish operator. It is thought that BTC will be put up for sale again in one or two years, with creditors in the meantime carrying out a restructuring of the company to reduce debt. Struggling operator Vivacom is currently 93.99% controlled by Hong Kong telco PCCW via its investment arm Pinebridge Investments.

Bulgaria, Vivacom (BTC)