July 10 (SeeNews) - Bulgaria's Allterco [BUL:A4L] said on Wednesday that it expects to wrap up its 7.9 million euro ($9.0 million) deal for the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group on July 29.
The deal concerns Allterco's units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL, the company said in a bourse filing.
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With the deal, Allterco is divesting its entire telecommunications portfolio and will focus on its IoT subsidiaries, it said.
The final price will be determined on a cash-free/debt-free basis after correction of the companies' preliminary financial statements, Allterco said last month.
Upon completion of the transaction, Allterco will get 60% of the price in cash. A further 20% will be paid on a deferred basis within two years, while the remaining 20% will be paid by transferring rights for purchase of shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group.
The deal was initially expected to be completed by the end of April 2018, but the negotiations between the contracting parties were temporarily suspended as Victory Partners VII Norway launched a takeover bid for LINK Mobility Group last year.
($ = 0.8812 euro)