The Bulgarian incumbent Vivacom has reportedly been acquired by a number of EU investors known collectively as the LIC 33 group.

According to Dnevnik and Novinite, the telco’s former owner has sold its assets in exchange for the new investor’s commitment to refinance bank debts estimated to be around €900 million.

They add that LIC 33 has already begun efforts to refinance the debt, as well as restructure Vivacom. However, the deal itself has still to be approved by the regulatory authorities.

Vivacom, which is the brand name used by the Bulgarian Telecommunication Company (BTC), has undergone a number of ownership changes in the last few years.

It was most recently believed to have Tzvetan Vasilev (43%) and Russia’s VTB Bank, through its London-based investment arm VTB Capital (33%), as its majority shareholders.

Vivacom’s interests include a DTH platform named Vivacom TV.