Turk Telekom Places Bids for Bulgaria's Globul, Germanos

Business | April 18, 2013, Thursday // 16:45
Bulgaria: Turk Telekom Places Bids for Bulgaria's Globul, Germanos File photo

Turk Telekom has placed binding bids to acquire Bulgarian operator Cosmo Mobile (Globul) and electronic appliance retailer Germanos Telecom Bulgaria.

Turk Telekom made the announcement in a statement to Istanbul stock exchange, according to international media. The move to buy all the shares in both companies is part of Turk Telekom’s regional expansion strategy.

In March, OTE, Greece's biggest telecoms operator, extended by a month the deadline for bidders in the sale of its Bulgarian unit, Globul.

The auction is set to take place on Friday 19 April 2013.  Interested buyers include the Turkish Turkcell, the Norwegian Telenor, and Deutsche Telekom, which has 40% stake in OTE.

Globul accounts for about 7% of OTE's sales and about 9% of earnings before interest, tax, depreciation and amortization (EBITDA).

In Bulgaria, Globul competes with Telekom Austria Mobiltel and Vivacom, recently acquired by Bulgarian banker Tsvetan Vasilev, and Russia's VTB Bank.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article
Tags: Vivacom, Mobiltel, telco, telecom, telecoms, telecommunications, Globul, OTE, Turk Telekom, Turkcell, Telenor, Deutsche Telekom

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria