June 18 (SeeNews) - Bulgarian telecommunications and IoT products company Allterco [BUL:A4L] said that it has completed the restructuring of its business, aimed at speeding up the completion of its planned sale of five subsidiaries to Norway's LINK Mobility Group.
As a final step of the restructuring plan, Allterco's Romanian subsidiary Teracomm RO was acquired by two other Allterco units - Bulgaria-based Tera Communications and Teravoice, the company said in a bourse filing on Monday.
The deal is likely to be wrapped up soon, as it does not need anti-trust approval, according to a ruling published by the Commission for Protection of Competition (CPC) late in May.
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 ($8.8 million).
The deal was initially expected to be completed by the end of April 2018, but the negotiations between the contracting parties were temporarily suspended as Victory Partners VII Norway launched a takeover bid for LINK Mobility Group last year.
($ = 0.8934 euro)