Regulator delays NURTS sale approval
Bulgaria’s Communications Regulatory Commission (CRC) is taking an extra week to examine the sale of tower company NURTS, according to Novinite.
Last April, telecoms incumbent BTC, which operates as Vivacom, signed an agreement to sell 50% of its…
Bulgaria’s Communications Regulatory Commission (CRC) is taking an extra week to examine the sale of tower company NURTS, according to Novinite.
Last April, telecoms incumbent BTC, which operates as Vivacom, signed an agreement to sell 50% of its broadcasting division to Cyprus-based financial investor Mancelord.
Mancelord is represented in Bulgaria by Bromak Ltd., a majority shareholder in Bulgaria’s Corporate Commercial Bank Ltd.
Fears that the CRC and the Competition Protection Commission (CPC) would not do a thorough enough inspection to find out who was behind the sale reportedly appeared in local media.
Lazard advised Vivacom on the transaction, the price of which has not been disclosed.
In 2008 Austria’s ORS signed a preliminary agreement to acquire NURTS but the regulatory authorities failed to approve it before the agreement lapsed.
The regulatory authorities were not immediately available for comment.
