03/19/12 16:53
(http://www.klassa.bg/)

Turkcell to acquire the Bulgarian telecom Vivacom for $1.4 bn

The Turkish mobile cell operator Turkcell will acquire the Bulgarian telecom Vivacom for about $ 1.4 bn within two weeks, became clear from an interview of Milen Ninov, Head of the Wholesales Division at the Bulgarian company, for the Capacity magazine.

According to Ninov, the acquisition of the telecom is a more favourable option than its internal restructuring. Experts believe that the effects of this move will be positive in the long term. PwC’s consulting is still expected to release its opinion on the transaction. According to the initial evaluation, at the beginning of the month, about €850 mln are to be expected for the former BTC company, and it is assumed that the price could be even lower.

Last week, the Fitch Ratings agency questioned the credit rating of the Tukrcell mostly because of the substantial liabilities of Vivacom. The small Bulgarian market also exerts a negative impact on the transaction, industry specialists believe. Experts from Fitch Ratings agency warned the Turkish giant that the acquisition of the Bulgarian company could deteriorate its credit rating.

Viacom’s liabilities are estimated at around €1.65 bn.
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