Bulgarian telecom: 65 per cent stake to be acquired by AIG

Insurance giants AIG Global Investment Group are to purchase a 65 per cent stake in Bulgaria’s leading telecommunications firm BTC (Bulgarian Telecommunications Company) for 1.08 billion euros (1.46 billion dollars), according to BTC. The stake has been held by the Vienna-based Viva Ventures and Iceland-based Novator Holdings since 2004. Within the deal, AIG would buy another 25 per cent in BTC.

The deal, which would come into effect on June 11, values the BTC capital at 1.66 billion euros and is the largest private transaction ever completed in Bulgaria.