Vivacom sale to Bulgarian businessman approved

Bulgarian competition authorities have approved the sale of leading telecoms operator Vivacom to national businessman Spas Roussev.

Vivacom was put up for auction by the investment banking unit of Russia’s VTB bank, VTB Capital, last May, and in late November 2015 Roussev and an alliance of Olympia Group, headed by Greek businessman Panos Germanos, and Third Point, run by activist investor Daniel Loeb, were revealed as bidders for the telco.

Roussev has now paid €330 million ($360 million) for Vivacom and has agreed to take on its €400 million of debt.

Bulgaria’s Commission for Protection of Competition (CPC) announced its approval of the sale to Roussev in a statement but no further details have been disclosed.

Vivacom hit financial difficulties in 2014 after its alleged involvement with businessman Tsvetan Vassilev who was accused of embezzlement.

In June last year, Vivacom acquired national broadcasting firm NURTS (National Unit Radio and TV Systems) Digital.