The Bulgarian businessman Spas Rusev has reportedly acquired the leading Bulgarian telecommunications company Vivacom after a bidding, which lasted for nearly sixteen hours.

According to media reports, he won the auction by offering EUR 330 M, Darik radio reports.

The other bidder was the Greek businessman Panos Germanos, who is owner of the Olympia Group.

The two bidders were placed in separate rooms in London.

Some reports have suggested that there was a third participant in the auction - Third Point hedge fund.

VTB Capital, the business arm of the Russian VTB Bank, declared Vivacom for sale after shareholders defaulted on EUR 150 M bridge loan.

The Bulgarian Deposit Insurance Fund is closely monitoring the auction as it will try to get back EUR 150 M in assets which are believed to be the funds of depositors at the insolvent Corporate Commercial Bank (KTB).