The Bulgarian fixed line and wireless operator Vivacom, which was formerly known as BTC, has announced the completion of a deal under which a majority interest has been acquired by Viva Telecom Bulgaria (VTB), a holding company controlled by Russia’s VTB Capital Bank and Bulgaria’s Corporate Commercial Bank (CCB). VTB paid EUR130 million (USD165 million) for a 93.99% stake in the company, as well as agreeing to pay off EUR588 million of debt, Novinite.com reports. Vivacom’s debts had been reduced from EUR1.7 billion through ‘paying off debt, transformation of shares and writing off the remaining debt’, the company confirmed. The telco was previously in the hands of creditors including Royal Bank of Scotland, Deutsche Bank, UBS and UniCredit. A minority stake in BTC will be owned by the senior secured creditors, with VTB Capital Bank and CCB having a combined stake of ‘at least 73%’.
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