Telecommunications

Bulgarian telecommunications company acquires Telnet local

SOFIA (Bulgaria), December 3 (SeeNews) – The Bulgarian Telecommunications Company (BTC), operating under the Vivacom brand, announced on Friday that it has reached an agreement to acquire 100% of the shares of the local company Telnet.

With this new acquisition, BTC will combine its experience in maintaining and offering telecommunications services with Telnet’s well-developed local infrastructure to provide access to new technologies to even more customers, BTC said in a statement.

The transaction is subject to all necessary approvals by the respective regulatory authorities and is expected to close in 2022.

Telnet provides Internet and television access to private customers. as well as a number of services for business customers, including metropolitan area network (MAN) services, hosting, colocation as well as individual projects for the construction of cable systems. The operator offers its services in the regions of Veliko Tarnovo, Ruse and Gabrovo.

According to data from the commercial register, the individual Ventsislav Stoev owns 33.5% of the capital of Telnet. Dimitar Velev controls 33.3%, while Ventsislav Petrov and Todor Neshev hold shares of 16.58% each.

In July, the Bulgarian competition authority announced that it had given the green light to BTC to acquire Networx-Bulgaria, TVN Distribution Bulgaria and Telco Infrastructures, as well as to exercise indirect control over Online Direct. Earlier this year, BTC completed the acquisition of 100% of the shares of local internet providers Net1 and ComNet Sofia, as well as cable operator N3 as part of its strategy to expand its coverage of fixed services.

BTC was acquired last year by United Group, a Dutch-registered telecommunications and media services provider.

YOU CAN SUBSCRIBE TO OUR M&A NEWSLETTER HERE