Bloomberg news is reporting that Turkcell is contemplating a bid for Bulgaria’s largest fixed-line company Vivacom AD. According to the financial news and data service provider, people with knowledge of the process said the deal might balue Vivacom at 1.4 billion USD.
Apparently there are numerous interested parties that may bid for Vivacom. According to Bulgarian newspaper Capital, these include Russia’s VTB Capital, investors Björgólfur Thor Björgólfsson, who through Novator Partners LLP had a 65% stake in Vivacom until selling the stake for around 1.2 billion USD in 2007 & Germanos SA founder Panos Germanos in a joint bid and thirdly a London based private equity firm Pamplona Capital Management LLP.
Vivacom had sales of just under 600 million USD and an EBITDA of around 240 million last year. It has had a rough few years with falling fixed-line sales. This culminated in a takeover by private equity firm PineBridge Investments, which belongs to Pacific Century Group of Hong Kong businessman Richard Li. TeliaSonera (OMX: TLSN) currently owns 38% of Turkcell . Any bid from Turkcell would need to be approved by its Board.
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