Hong-Kong-based telecoms operator PCCW has given up plans to invest in troubled Bulgarian telecoms incumbent Vivacom, Novinite reports quoting Bloomberg.
Managing director Alex Arena was quoted saying that PCCW would continue to look for opportunities…
Hong-Kong-based telecoms operator PCCW has given up plans to invest in troubled Bulgarian telecoms incumbent Vivacom, Novinite reports quoting Bloomberg.
Managing director Alex Arena was quoted saying that PCCW would continue to look for opportunities overseas after turning down an offer to invest in Vivacom.
Anita Choi, a spokesperson at PCCW confirmed that the company had no plan to invest in Vivacom.
Earlier reports said that PCCW and Pinsebridge, a fund owned by PCCW chairman Richard Li, were considering jointly investing E180m in troubled Bulgarian operator Vivacom in exchange for a 51% stake.
Vivacom is undergoing the restructuring of its E1.5bn debt pile after having breached agreements at the end of June.
Li took control of Vivacom in March when he acquired AIG Investments, which was then renamed Pinebridge. AIG bought the telco in 2008 from Advent International.
TelecomFinance previously reported that Vivacom had appointed Lazard to restructure its debt, while Deloitte was appointed to carry out an independent business review and Houlihan Lokey to advise junior lenders.
Deutsche Bank, RBS and UBS arranged the E1.635bn debt package that supported AIG Capital Partners’ acquisition of Vivacom in 2007.
Vivacom still has 90% fixed-line market share but only has 15% mobile market share.
