Банкеръ Weekly

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VIVA VENTURES TO INVEST EUR950MN IN BTC

Viva Ventures Holding, the preferred buyer for the Bulgarian Telecommunications Company (BTC), will invest a total of EUR950MN in the telecom over the next five years, Joanna James, Executive Director of Advent International for Central and Eastern Europe, said. The amount includes the price for the purchase of BTC stocks, for the increase of the telecom's equity capital, and projected additional investments in the company.Under Viva Ventures' initial bid, it will buy a 65-percent stake in BTC against EUR200MN and will increase the telecom's equity by EUR50MN. The offer projects investments of at least EUR400MN, but according to representatives of the preferred candidate-buyer real investments are expected to reach EUR700MN within five years.In the BTC deal, Advent International is the leading investor. After the telecom's privatisation, 49% of Viva Ventures' stake in BTC will be acquired by Enterprises Investors, Spectrum Equity Investors and possibly EBRD. The Vienna holding Viva Ventures (registered especially for the purposes of BTC's privatisation) is presently a wholly-owned unit by British-based equity house Advent International.

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