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
- 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
- Turkcell Confirms: Bulgaria's Vivacom Sale Failed
Latest from Admin TOA
- Aziz Sancar's New Turkish Community Center Aims to Bring Turkish Culture to America
- Chobani CEO Hamdi Ulukaya Considers Going Public
- Dr. Oz Recounts His Visits to Syrian Refugee Camps
- Turkey Cuts Investment Criteria for Foreigners Seeking Citizenship
- Dream Chaser Space Plane Set to Land as Matchbox Sky Busters Toy