LIC33 pulls out of Vivacom deal

27 Jul 2015

Russian-Belgian businessman Pierre Louvrier, majority owner of Louvrier Investment Company (LIC33), has reportedly pulled out of a deal to acquire a 43% share in Bulgarian telecoms operator Vivacom (registered as Bulgarian Telecommunications Company [BTC]), in addition to majority stakes in several other companies, Sofia Globe reports. The assets worth EUR840 million (USD929.7 million) have reverted to their previous owner as Louvrier exercised his right to ‘hand back the acquired assets under certain circumstances’, which was included in the original purchase agreement. ‘My reason for investing in these businesses was to facilitate the restructuring of what I believed to be a fundamentally strong group of companies. It has not been possible to get the agreement of all parties within an acceptable timeframe’, the investor was cited as saying in an emailed press release.

As previously reported by CommsUpdate, in March 2015 Luxembourg-registered investment fund LIC33 group agreed to acquire Vivacom and several other companies – including telecom infrastructure firm NURTS, multiplex operator First Digital, research company Garb, and military plants Dunarit and Avionams – for a token amount of EUR1 from their previous owner Tsvetan Vasilev (former majority shareholder in Corporate Commercial Bank [CCB]), in exchange for the new investor’s commitment to refinance all debts owed to banks, estimated at roughly EUR900 million.

Bulgaria, Vivacom (BTC)