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SOFIA (Bulgaria), July 29 (SeeNews) - Bulgaria's Allterco [BUL:A4L] said on Monday that is has finalised the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group for 7.9 million euro ($9.0 million).
As at 14:45 CET on Monday, Allterco shares traded 2.86% higher at 2.88 levs on the Bulgarian Stock Exchange.
The deal concerns Allterco's units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL, the company said in a bourse filing.
Allterco received 60% of the price in cash and a further 20% is shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group. The remaining 20% will be paid on a deferred basis within two years.
With the deal, Allterco is divesting its entire telecommunications portfolio and will focus on its IoT subsidiaries, it said.
The deal was expected to be completed by the end of April 2018 but the negotiations between the contracting parties were temporarily suspended as Victory Partners VII Norway launched a takeover bid for LINK Mobility Group last year.
($ = 0.8812 euro)