March 18 (SeeNews) - Bulgaria's Commission for Protection of Competition (CPC) said on Thursday that it approved the acquisition of Waste Solutions, the parent of waste management company Waste Solutions Bulgaria, by private investor Kiril Tarev.
The notified transaction is not expected to have an impact on any of the local markets, as the parties to the deal operate in different sectors, the antitrust body said in its decision.
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Currently, Waste Solutions is 90%-owned by private individual Anton Stratiev. The remaining 10% interest is owned by local company Antonov Eco Consult.
According to the competition authority, Kiril Tarev signed a preliminary sales agreement with Anton Stratiev on December 18, for the acquisition of 90% interest in Waste Solutions which will make it an indirect shareholder in Waste Solutions Bulgaria. The parties agreed to close the deal within a period of 90 days since the signing of the preliminary sales agreement but not before the issuing of a permit by the relevant regulator. Financial details of the agreement were not disclosed.
Interested parties can appeal the regulator's decision before Sofia Region Administrative Court by April 1.
Waste Solutions, based in the coastal city of Varna, was established last year in order to acquire FCC Bulgaria from Austria-registered FCC Environment CEE. FCC Bulgaria was subsequently renamed to Waste Solutions Bulgaria.
FCC Bulgaria generated revenue of 28.8 million levs ($17.6 million/14.7 million euro) and a net profit of 1.7 million levs in 2019, according to its most recent annual financial statement.
(1 euro = 1.95583 levs)