Bulgarian pay-TV and fixed broadband operator Bulsatcom has been acquired by Spas Roussev for between EUR120-EUR130 million (USD115-USD125 million). According to Capital, Roussev was chosen by the company’s creditors over Czech Republic’s PPF Group, with the deal dragging on for over a year after a challenge by the operator’s founder and shareholder Plamen Genchev. Claiming that creditors ignored his bid to become the preferred buyer, Genchev initiated an arbitration case in London and a bankruptcy petition in Sofia, but ultimately failed to stop the transaction.
TeleGeography notes that following a restructuring process aiming to cut Bulsatcom’s debt, Blantyre, the European Bank for Reconstruction and Development (EBRD) and the Bulgarian Bank for Development (BBD) became the main shareholders (holding around 70% of the stock) in late 2019. One of the company’s founders, Plamen Genchev, retained a minority stake (around 20%) in the company.