Bulgaria's Corpbank, Russia's VTB acquire 93.99% of telco BTC

The deal reduces the group's total liabilities from approximately 1.7 billion euro ($2.16 billion) to 588 million euro through partial repayment, a debt-for-equity swap and a write-off of the remainder of the liabilities, BTC said in a statement filed with the Sofia bourse.

BTC's new majority owner is Sofia-based Viva Telecom Bulgaria, the statement added.

Viva Telecom Bulgaria, which was registered in the country’s trade register on November 2, in turn is a subsidiary of Luxembourg-registered InterV Investment.

BTC offers fixed-line and mobile voice, Internet access and digital TV services under the Vivacom brand (www.vivacom.bg).

($ = 0.7878 euro)