EQT planning to exit the Bulgarian market

23 Jun 2015

Sweden-based investment fund EQT has reportedly reinvigorated its attempt to exit from the Bulgarian and Macedonian telecoms markets by offloading its stake in cable TV and fixed broadband operator Blizoo. Domestic newspaper Capital reports that the process is still at its early stages, with the company calling for expressions of interest. No fewer than five companies are reportedly interested in acquiring the broadband operator, including Bulgarian Telecommunication Company (BTC), Telekom Austria (owner of MobilTel), Telenor Bulgaria (previously GloBul), MAX (formerly known as Max Telecom) and New York-listed private equity fund manager Kohlberg Kravis Roberts & Co (KKR).

As previously reported by TeleGeography’s CommsUpdate, EQT hired Jefferies and UniCredit as financial advisers for the potential sale of Blizoo in September 2013, but called off the sale in November 2013, with ‘limited interest and major differences in price expectations’ cited as the main reasons for the failed divestment. Blizoo and its sister operation in Macedonia (which was acquired by Telekom Austria in July 2014) have a joint subscriber base of over 440,000, whilst together they reported combined sales of EUR47 million (USD53 million) in 2014, with EBITDA of EUR19 million.

Bulgaria, Blizoo (Bulgaria)