Vivacom sale completed

November 13, 2012 08.51 Europe/London By Chris Dziadul

The Bulgarian incumbent telco Vivacom has undergone a change of ownership, with the consortium Viva Telecom Bulgaria now its 93.99% shareholder following the receipt of relevant EC and other regulatory approvals.

Under the terms of the deal, the consortium, which is made up of the Russian investment bank VTB Capital and Bulgaria’s Bromok, which has a majority stake in the Corporate Commercial Bank (CCB), Vivacom’s debt will be reduced from around €1.7 billion to €588 million.

NEF (AIG), the telco’s former owner, will meanwhile receive a minority stake in Viva Telecom Bulgaria.

Vivacom’s interests include the DTH platform Vivacom TV.