Turkcell Confirms: Bulgaria's Vivacom Sale Failed
- Written by Admin TOA
- Published in Euro Turks
The creditors of the Bulgarian telecommunications operator Vivacom have given up on its sale, Turkish mobile phone operator Turkcell, which had emerged as the preferred buyer, announced, confirming earlier media reports. "We received an official letter informing us that the sellers of BTC have aborted their efforts to find a buyer. Turkcell will continue to evaluate acquisition opportunities for similar buyouts," Chief Executive Officer Sureyya Ciliv said at a press conference.
Earlier this week media reports said the planned sale of Bulgaria's incumbent telco BTC has failed after its creditors rejected the offers of all three bidders, including Turkcell, the biggest Turkish mobile-phone company.
Turkcell emerged a month ago as the most likely buyer of the Bulgarian telco, but the deal collapsed after the Turkish operator demanded that a huge part of the price (from EUR 100 M to EUR 200 M) is deposited in an escrow account until the state settles its scores with BTC previous buyers, Capital weekly reported, citing insiders.
The Turkish company reportedly put in a bid of over EUR 870 M.
Earlier reports said the Turkcell valued Vivacom at about USD 1.4 B, but the Turkish company described the potential bid amount in the media as "groundless".
BTC's creditors, who put the company for sale, have described the other two bids
Related items
- South Florida Turkish Community Mourns Businessman Known for His Leadership and Championing of the Turkish-American dream
- Tunc Doluca Disclosed the Sale of 6,000 shares of Maxim
- Hafize Gaye Erkan To Join First Republic As Senior Vice President, Chief Investment Officer
- Yildiz's Passion Is to Develop Talents
- Young Turkish Real Estate Broker Named 2012 Costar Power Broker
Latest from Admin TOA
- 300 migrants to be housed at shuttered Catholic church on Northwest Side in Chicago
- Turkish Stand-Up Sensation Hasan Can Kaya Embarks on U.S. Tour with Art Evi Production, in212 Production, and TAAS New York
- "Lean Startup, To Lean Company, To Rich Exit" by Dr. Kenan Sahin is released with Forbes Books
- LOSEV USA Ramadan Campaign Let the Children Heal First with Your Ramadan Donations
- Azerbaijan Society of America Honors Centennial Anniversary of the Great Azerbaijani Politician the National Leader of Azerbaijan President Heydar Aliyev