A consortium led by VTB Capital has acquired a controlling stake in Bulgarian telecoms operator Vivacom.
The investors, which also include local financial intermediary Bromak EOOD, injected €130m of equity into the company. The investment contributed in part to a restructuring of the business's balance sheet, which saw its debt reduced from €1.7bn to €588m through debt repayments, equity conversions and debt write-offs.
VTB led the transaction from its Sofia office, which opened earlier this year.
Vivacom is a Bulgarian telecom provider. The company's roots date back to 2004 when the Bulgarian government sold 65% of Bulgarian Telecommunications Company (BTC) to Viva Ventures Holding, an Advent International subsidiary based in Austria.
The government later listed the remainder of the company on the Bulgarian stock exchange. In 2009, BTC and vivatel united (BTC mobile) merged to become Vivacom. The company's headquarters in Sofia employ around 1,200 people.
Alexei Yakovitsky is global CEO at VTB, while Atanas Bostandjiev is its CEO for UK and international.
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