Three bidders have reportedly submitted binding offers for Bulgarian telecoms operator Vivacom, with Turkcell also interested.
Bulgaria’s Corporate Commercial Bank and VTB Capital, the investment arm of Russia’s VTB Bank have placed a joint bid…
Three bidders have reportedly submitted binding offers for Bulgarian telecoms operator Vivacom, with Turkcell also interested.
Bulgaria’s Corporate Commercial Bank and VTB Capital, the investment arm of Russia’s VTB Bank have placed a joint bid with Morgan Stanley, which is arranging a restructuring deal for Vivacom, a spokesperson for VTB Capital confirmed.
Meanwhile, Bulgarian news agency Novinite.com reported Icelandic businessman Thor Bjorgolfsson and London-based private equity firm Pamplona Capital Management have also placed bids, citing the nation’s Capital newspaper.
A Turkcell spokesperson confirmed the company is still weighing up whether or not to submit a bid but dismissed the US$1.4bn valuation mentioned in earlier media reports.
“We are always evaluating investment opportunities. However, there is no board decision on this matter at this time. The potential bid amount referred to … in the media is groundless,” he said.
A spokesperson for Altimo, a subsidiary of Turkcell shareholder Alfa Group, said Turkcell management is still looking into the matter and “will propose it to the board to decide”. He described the US$1.4 billion figure as “speculation”.
Vivacom declined to comment.
