VTB Capital and Corporate Commercial Bank (CCB) have completed the acquisition of a 94% stake in Bulgarian telco Vivacom via its joint Viva Telecom Bulgaria subsidiary.
The operator said in a statement that the shares changed hands following receipt of…
VTB Capital and Corporate Commercial Bank (CCB) have completed the acquisition of a 94% stake in Bulgarian telco Vivacom via its joint Viva Telecom Bulgaria subsidiary.
The operator said in a statement that the shares changed hands following receipt of EC and other regulatory approvals.
According to the EC, approval for the merger was given in late October already, after a simplified merger procedure had not identified any anti-competitive concerns.
Following the transaction Vivacom’s leverage has been reduced from €1.7bn to €588m through debt repayment, equity conversion and an outright debt write off, Vivacom said.
As reported previously VTB and CCB had agreed to pay €130m to the senior secured lenders of Vivacom in return for a majority stake, and had also agreed to repay debt worth €588m.
