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Bulgaria Financial Regulator To Probe BTC Deal
Business | August 24, 2007, Friday // 00:00
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Bulgaria's Financial Supervision Commission (FSC) said on Friday it would launch a probe into the deal that saw US insurance giant AIG acquire 90% in Bulgaria's dominant fixed-line telecom BTC last week.
"The investigation aims to identify the companies that were party to the deal and ownership of the shares prior to its announcement," the FSC said in a statement.
The probe does not mean the commission intends to invalidate the deal, the regulator added.
AIG Investments, the insurer's investment arm, said last week it closed the deal to acquire 90% in BTC after securing regulatory approval from the EU competition authorities.
AIG Investments, through its subsidiary AIG Capital Partners, bought the stake from Viva Ventures and "certain minority shareholders" on the Bulgarian Stock Exchange, where the telecom is listed, for a total EUR 1,4 B.
BTC's new owner said it would launch a tender offer for the remaining BTC shares.
In May, AIG agreed to buy the majority 65% in BTC from Viva Ventures for EUR 1.08 B, as well as another 25% from investment vehicle Novator, controlled by Icelandic mogul Thor Bjorgolfsson, which had earlier an option on Viva Ventures' stake.
BTC is the dominant fixed-line telecom operator in Bulgaria with a payroll of 20,000 and 2.9 million phone lines, which accounts for 97% of the fixed line segment of the market.
It also has a mobile arm, Vivatel, launched at the end of 2005, which has a market share of close to 10%.
"The investigation aims to identify the companies that were party to the deal and ownership of the shares prior to its announcement," the FSC said in a statement.
The probe does not mean the commission intends to invalidate the deal, the regulator added.
AIG Investments, the insurer's investment arm, said last week it closed the deal to acquire 90% in BTC after securing regulatory approval from the EU competition authorities.
AIG Investments, through its subsidiary AIG Capital Partners, bought the stake from Viva Ventures and "certain minority shareholders" on the Bulgarian Stock Exchange, where the telecom is listed, for a total EUR 1,4 B.
BTC's new owner said it would launch a tender offer for the remaining BTC shares.
In May, AIG agreed to buy the majority 65% in BTC from Viva Ventures for EUR 1.08 B, as well as another 25% from investment vehicle Novator, controlled by Icelandic mogul Thor Bjorgolfsson, which had earlier an option on Viva Ventures' stake.
BTC is the dominant fixed-line telecom operator in Bulgaria with a payroll of 20,000 and 2.9 million phone lines, which accounts for 97% of the fixed line segment of the market.
It also has a mobile arm, Vivatel, launched at the end of 2005, which has a market share of close to 10%.
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