VTB Capital’s creditor-led competitive enforcement sales process of Bulgarian operator Vivacom has reportedly attracted binding offers from three different investors, all backed by private equity.
VTB Capital’s sale of Bulgarian operator Vivacom has attracted binding offers from three different investors, according to Sofia-based news agency Novonite citing local weekly Capital.
The EY-managed sale reportedly drew bids from Spas Roussev, expected to be backed by VTB Capital itself; Olympia, fronted by Vivacom’s founder and main shareholder Panos Germanos and with funding from hedge fund Third Point; and UPC co-founder Marc Schneider with support from CVC Capital Partners.
The deadline for bids was reportedly 12 November.
EY, VTB Capital, Olympia, Third Point and CVC Capital Partners did not reply to requests for comment before the press deadline.
VTB Capital, the London-based investment banking arm of Russian bank VTB, triggered the sale of Vivacom in October after the operator’s indirect owner InterV Investment defaulted on a loan backed by the bank earlier this year.
VTB Capital was facility agent and security agent on the €150m bridge facility secured against 100% of the share capital of Luxembourg-based InterV, which failed to repay the loan on maturity in May. Following the default, VTB Capital resolved to pursue a creditor-led competitive enforcement sales process for InterV, whose sole asset is Vivacom.
Former state-owned monopoly Vivacom offers triple-play services. It is one of Bulgaria’s three nationwide MNOs, competing against Telekom Austria’s Mtel and Telenor’s local unit.
