May 29 (SeeNews) - Bulgaria's competition authority said on Wednesday that local Allterco's [BUL:A4L] deal for the sale of five of its subsidiaries to Norway's LINK Mobility Group does not need the regulator's clearance.
The combined annual turnover of the two companies in Bulgaria stands below the minimum threshold of 25 million levs ($14.3 million/12.8 million euro), which means they can proceed with the transaction without needing to notify the anti-trust body, the Commission for Protection of Competition (CPC) said in its ruling.
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In December 2018, Allterco received approval from its shareholders to sell its units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL, to LINK Mobility Group for at least 7.9 million euro.
The deal was initially expected to be completed by the end of April 2018, but the negotiations between the contracting parties were temporarily suspended as Victory Partners VII Norway launched a takeover bid for LINK Mobility Group last year.
(1 euro = 1.95583 levs)