Three Bidders Vie for Bulgaria’s Vivacom
Three potential buyers have placed binding bids for Bulgaria’s Vivacom by Thursday’s deadline, Sofia-based Capital weekly reported.
One of the candidates is Greece’s Olympia group backed by U.S.-based hedge fund firm Third Point. Olympia is controlled by Panos Germanos, the company's founder and main shareholder. Third Point LLC is an investment adviser based in New York and founded by Daniel Loeb, who serves as its CEO.
The second offer was submitted by Marc Schneider, co-founder of European cable group UPC, financially backed by U.S.-based private equity fund CVC.
The third candidate is Bulgarian-born and UK-based entrepreneur Spas Roussev. His offer is expected to be financially backed by VTB Capital, the investment-banking arm of Russia's second-largest bank VTB.
VTB Capital is currently a security agent for a EUR 150 M bridge loan to Luxembourg-based InterV Investment, the indirect holding company of the largest telecommunications company by revenue in Bulgaria. The funding was secured via a Luxembourg share pledge over 100% of the shares in Vivacom owned by InterV Investment.
An auction will be held in London next Thursday for 100% of the shares of InterV Investment, which defaulted on loan repayment at the the maturity of the financing in May 2015.
Each of the three candidates should submit a deposit for participation by the date of the auction. The minimum price at the auction will be set equal to the highest of the three received bids, according to capital.bg.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » The Average Salary in Bulgaria is BGN 1,730 (EUR 884) in the Second Quarter of 2022
- » Mayor Fandakova: The Heating Season for Sofia Residents will be Ensured
- » Bulgaria’s Tourism Ministry is launching a large-scale Advertising Campaign to Attract Tourists
- » Germany to Reduce Heating in Public Buildings to 19 Degrees
- » Bulgarian Energy Minister: On October 1, Gas will flow through the Interconnector from Greece
- » Bulgaria's Energy Commission Confirmed the Rise of Natural Gas Prices by 60%