May 16 (SeeNews) - Austrian broadcasting services company ORS said on Monday it has renewed its offer to buy the radio and television transmission network of Sofia-based telecommunications group BTC.
Oesterreichische Rundfunksender (ORS) said it is offering to buy 100% of BTC's National Unit Radio and TV Stations (NURTS) for an undisclosed price.
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“We renewed our direct offer, since we strongly believe that in our capacity of a strategic foreign investor having the specific experience in the field and the proven operational reliability, we are able and we are committed to provide the necessary quality, stability and security of the services as well as all needed upgrades”, ORS CEO Michael Wagenhofer said in a statement.
BTC agreed in December 2008 to sell NURTS to ORS for an undisclosed price but the deal was put on hold earlier this year to enable the two companies to conduct additional analyses of the business environment and clarifiy certain aspects of the deal. The agreement expired in June without a conclusion of the acquisition.
ORS said in December it planned to invest 100 million levs ($76.52 million/ 51.13 million euro) in upgrading NURTS. It said it would launch the investment aimed at migration to digital broadcasting when Bulgarian radio and television broadcasters receive the necessary licences. Bulgaria, which joined the European Union in 2007, has to cover at least 95% of the population of the serviced area by the end of 2012 in the first phase of the digitaliation process, which it has to implement to meet the bloc's requirements.
“The processes from January to June 2009 have been delayed because of various reasons, partly of institutional, legislative and regulatory origin”, Wagenhofer said.
Bulgaria's anti-trust regulator said in March there were concerns the new owner would ask a higher price for the services provided by NURTS, which is the country's only operator of infrastructure for nationwide terrestrial analogue radio and TV broadcasting. It leases transmitters to electronic media and wireless carriers in locations where they don't have the necessary infrastructure.
BTC shares were last traded 1.67% down to 2.95 levs on November 3 on the Bulgarian Stock Exchange in a volume of five shares.
Austrian broadcaster ORF owns 60% of ORS. Medicur Sendeanlagen, part of Austria's Raiffeisen Banking Group, owns the remainder.