Bulgarian telecoms incumbent Vivacom has completed the E57m sale of 50% of broadcasting division NURTS to Cyprus-based financial investor Mancelord, according to local reports.
The move follows approval last of the deal by local regulators the…
Bulgarian telecoms incumbent Vivacom has completed the E57m sale of 50% of broadcasting division NURTS to Cyprus-based financial investor Mancelord, according to local reports.
The move follows approval last of the deal by local regulators the Communications Regulatory Commission (CRC) and the Competition Protection Commission (CPC).
Last April, Vivacom signed an agreement to sell 50% of NURTS to Mancelord, which is represented in Bulgaria by Bromak Ltd., a majority shareholder in Bulgaria’s Corporate Commercial Bank Ltd. Criticism emerged in local media suggesting that the CRC and the CPC would be unable to carry out the necessary investigation to find out who was behind the sale. Lazard advised Vivacom on the transaction.
In 2008, Austria’s ORS signed a preliminary agreement to acquire NURTS but the regulatory authorities failed to approve it before the agreement lapsed.
Vivacom could not be reached for comment.
