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Vivacom sales efforts continue

Bulgarian telecom operator Vivacom has distributed information memorandum, and is said to have attracted interest from financial investors KKR, BC Partners, as well as French strategic Orange. According to reports non-binding bids are due at end of July, but the process is not expected to be finalised before end of the summer. Lazard was said to have been hired as financial advisor to explore the sale back in April. Vivacom is the biggest operator in Bulgaria by revenue (2018: BGN 948m). It generated BGN 359.8m consolidated adjusted EBITDA in 2018 (EBITDAm: 38%). The company had a total of 3.1m mobile , 0.7m fixed telephony, 0.5m fixed pay-TV as well as 0.4m fixed broadband subscribers at the end of 2018. Biggest shareholders are Spas Rusev with 46%, VTB holds 20% minus one share, while a further 19% is held by Delta Capital Investments, controlled by the managers of the Bulgarian office of VTB Capital, VTB Bank's investment banking arm.

Source: Mergermarket; FFBH

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