Vivacom attracts an unnamed suitor

9 Jan 2015

Tsvetan Vasilev, majority owner of Bulgaria’s now defunct Corporate Commercial Bank (CCBank), has revealed in an interview with Banker Weekly that former monopoly telco Vivacom has attracted a potential suitor, Novinite reports. The executive said: ‘…talks are underway now for the acquisition of shares of [Vivacom] by a big and renowned US company. I would like the maximum possible value of the company to cover a substantial portion of the liabilities of CCBank.’ Vivacom has assets of EUR71 million (USD96.6 million) tied up in its major shareholder CCBank, which was placed under conservatorship in end-June 2014 and lost its licence five months later.

As previously reported by TeleGeography’s CommsUpdate, in June 2014 Viva Telecom, a Luxembourg-registered holding company established by CCBank, VTB Capital and other shareholders, was said to be looking to dispose of its stake in Vivacom by distributing Vivacom’s prospectus to would-be investors in order to restructure the company’s debts. However, the telco’s management swiftly refuted the claims. Viva Telecom holds 99.79% of the shares in the former monopoly operator.

Bulgaria, Vivacom (BTC)