Consortium buyout of Bulgaria’s Vivacom complete

A consortium led by Bulgarian businessman Spas Roussev has completed its 100% buyout of Bulgarian Communications Company (BTC), which operates under the name Vivacom.

The consortium, named Viva Telecom, counts Roussev as its largest shareholder and has a number of minority investors, including Russian bank VTB.

Viva Telecom completed the deal by buying 100% of shares in InterV Investment – a Luxembourg-based holding company for BTC – according to a statement issued by VTB, which partly financed the deal through a €240 million debt facility.

Viva Telecom agreed to buy BTC for €330 million in November 2015, with the deal later winning clearance from the Bulgarian Commission for Protection of Competition and backing from over 87% of BTC bondholders.

Vivacom is Bulgaria’s  former state incumbent telecommunications operator, which was privatised in 2004. It is the largest telecommunications company in Bulgaria and has leading positions in fixed and mobile communications, as well as in IPTV services.