Send to Kindle
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.
Small and medium-sized enterprises in Bulgaria are expected to face the greatest difficulties once the euro becomes the country’s official currency in 202
New research shows that the cost of ski holidays across Europe has climbed by almost 35% above the inflation rate since 2015
Bulgaria’s transition to the euro is approaching, and from January 1, 2026, the European currency will officially replace the lev
Bulgaria could face uncertainty in fuel supplies in the coming months, warned Radoslav Ribarski
The Bulgarian naval research vessel "St. St. Cyril and Methodius" (NIK 421) has set sail from Varna Sea Station on its fourth voyage to Antarctica as part of Bulgaria’s 34th national Antarctic expedition
The Bulgarian National Bank has presented informational materials introducing the design of Bulgaria’s euro coins
Bulgaria’s government is moving quickly to introduce legislation that would allow the appointment of a special state manager to oversee the operations of Lukoil in the country.
Police in Stara Zagora, Bulgaria, have uncovered an organized criminal group responsible for siphoning large amounts of fuel from a Lukoil pipeline located south of the city.
The European Commission has urged Bulgaria to move faster on expanding the capacity of the Chiren gas storage facility
Ascot Racecourse delivered another thrilling moment for British racing as Oisin Murphy claimed the £50,000 World Pool Jockeys’ Championship title.
Deputy Governor of the Bulgarian National Bank (BNB) Assoc. Prof. Petar Chobanov stated that Bulgaria’s forthcoming adoption of the euro will transform not only the country’s financial system but also its position within Europe
Bulgarian economist Viktor Papazov, a Harvard graduate and one of the founders of the Bulgarian Stock Exchange and the Central Depository, has delivered a stark warning about Bulgaria’s adoption of the euro
Bulgaria's Strategic Role in the EU's Drone Wall Defense Initiative
When Politics Means Violence
