The Bulgarian financial institution Corporate Commercial Bank (CCB) and its UK-based partner VTB Capital are thought to be leading the bidding to acquire a 94% stake in the Bulgarian fixed line and wireless operator Vivacom. A report from the Focus news agency, which cites ‘sources familiar with the matter’, says that CCB and VTB Capital have made a EUR850 million (USD1.11 billion) offer for Vivacom and this has trumped rival bids, including one from the Turkish mobile group Turkcell. It had been reported that Turkcell was considering offering up to USD1.4 billion for Vivacom, although the telco dismissed the suggestions as ‘groundless’ last weekend. According to TeleGeography’s GlobalComms database, Vivacom is the largest fixed line operator in Bulgaria and is currently 90%-owned by PineBridge Investments, a unit of Hong Kong-based telco PCCW.
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