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Bulgaria's first and biggest mobile operator M-Tel has wrapped up the deal for the acquisition of cable operators Megalan Network and Spectrum Net, it said in a statement.
The price of the deal, which was announced in the middle of September, is EUR 83 M.
M-Tel, which is part of Telecom Austria Group, acquired 100% of the two Internet providers. However, both companies will continue to work independently for a period of about 18 months.
With the acquisition of the two cable operators, M-Tel becomes one of the biggest suppliers of broadband services, especially in the big Bulgarian cities.
"The preparations for this step took quite a long time, but I believe that our clients will be happy with the end-product," commented Andreas Mayerhofer, CEO of M-Tel.
M-Tel is planning to launch new services, bundled with the two cable companies. Some of the products will be released on the Bulgarian market by the end of 2010.
Spectrum Net is present in 13 Bulgarian cities and is focused on broadband Internet and voice services for corporate clients and households.
Megalan is a leading provider of home broadband Internet for Sofia. The portfolio of the company includes IPTV services as well.
In 2010, M-Tel celebrated its 15th year on the Bulgarian market and more than 5 million customers.
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