EQT calls off Blizoo sale

1 Nov 2013

Sweden-based investment fund EQT has reportedly called off its attempt to exit from the Bulgarian and Macedonian telecoms markets by offloading its stake in cable TV and fixed broadband operator Blizoo. TMT Finance reports that ‘limited interest and major differences in price expectations’ were the main reasons for the failed divestment. According to sources familiar with the matter, EQT was reportedly seeking bids in excess of EUR175 million (USD237.28 million)-EUR200 million, adding that offers were ‘nowhere near sell-side expectations’. Telenor, Telekom Austria and SBB Telemach were all previously noted as potential candidates, alongside several unnamed private equity buyers.

As previously reported by TeleGeography’s CommsUpdate, EQT hired Jefferies and UniCredit as financial advisers for the potential sale of Blizoo in September 2013. Blizoo and its sister operation in Macedonia have a joint subscriber base of over 440,000, whilst together they reported combined sales of EUR57 million in 2012, with EBITDA of EUR22 million.

Bulgaria, North Macedonia, A1 Telekom Austria Group, Blizoo (Bulgaria), Blizoo (Macedonia), Telenor Group