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Dec 06, 2023 11:36 EEST
December 6 (SeeNews) - Bulgaria's competition authority said on Wednesday that it approved the proposed takeover of construction company Via Construct Group by local peer GP Group.
Despite creating a horizontal overlap on Bulgaria's engineering construction market, the notified transaction will not harm competition in the sector, the Commission on Protection of Competition (CPC) said in a statement.
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The deal, which will result in a combined market share of up to 5%, primarily held by GP Group, is seen as beneficial since the market is characterised by increased competition among multiple players, the CPC said.
As part of the deal, GP Group will acquire direct ownership of 100% of the equity capital of Via Construct Group, which totals 50,000 levs ($27,653/25,565 euro). The transaction aims to expand GP Group's market share and will allow the company to eliminate the need for subcontracting, which will reduce service costs in the respective construction sectors.
In 2022, GP Group generated 108.9 million levs in revenue, whereas Via Construct Group booked revenue of 14.1 million levs, the CPC said.
GP Group sought approval from the CPC to buy Via Construct in October, without making public the value of the deal. Via Construct Group is wholly owned by private investor Velizar Radev.
(1 euro = 1.95583 levs)
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