Bulgaria’s Telecom Vivacom Goes up for Sale after Court Ruling on Ownership

Business | July 13, 2019, Saturday // 10:38| Views: | Comments: 0
Bulgaria: Bulgaria’s Telecom Vivacom Goes up for Sale after Court Ruling on Ownership

The country’s biggest operator has been put up for sale after a court ruling appeared to draw a line under a long-standing dispute about the company’s ownership.

There have been multiple legal challenges around legitimate ownership of shares as well as the sale process since the business was acquired at auction in 2015.

Spas Roussev, Vivacom's largest shareholder, announced the sale of the company soon after the Commercial Court of England and Wales ruled that his consortium legally owned the operator.

However, the Financial Times reports that parties interested in buying the business unit are still being warned about possible further legal action related to ownership.

Multiple defeats

A statement from Vivacom following the court’s decision said, “Having already been defeated multiple times in the Luxembourg and Bulgarian courts, the claimants turned to England arguing that the sale was a sham, took place at an undervalue and should be set aside.

"After six days of hearings, the English judge dismissed and struck out the latest set of claims in their entirety.”

Roussev added, “This company was acquired through an entirely legitimate competitive sales process. The claimants have tried to challenge the transfer of ownership in a variety of ways ever since.”

The shareholding consortium bought the business for €330 million in 2015. Reports say it could now be worth €1.2 billion.

Business » Be a reporter: Write and send your article
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
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