LIC33, a group of companies gathering European Union investors specialized in emerging markets and distressed situations, takes over a majority stake in Vivacom and other leading companies in Bulgaria.
VIVACOM (Виваком) is the brand name of the Bulgarian Telecommunications Company EAD (BTC), the largest telecommunications company in Bulgaria and a former state-owned monopoly.
The former owner has irrevocably sold the assets against a commitment from the investor to refinance all debts due to the various banks vested in the situation. The initial estimation of the consolidated debts to be refinanced is EUR 900mln.
The recent transaction is waiting for regulatory approvals and the new investors have already started the refinancing efforts along with the re-structuring efforts -with a view to stabilize the situation.
The former owner did not keep any interest in the assets LIC33 acquired.
Vivacom is the largest telecom operator in Bulgaria and posted EBITDA of EUR 175 mill in the year of 2013.
A press conference will take place at the Hilton in Sofia Tuesday 24th March 2015. More in the LIC33 pressrelease here.