June 28 (SeeNews) - Bulgaria’s Leasing Finance has received regulatory approval to acquire 100% of local peer TBI Rent, the competition authority said.
"The commission considers that the market shares of the two companies and the conditions under which they operate do not raise concerns about the establishment or strengthening of a dominant position as a result of the concentration," the regulator said in a statement on Wednesday.
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Under Bulgarian competition law, concentrations are subject to mandatory prior notification to the commission where the aggregate combined turnover of all undertakings participating in the concentration in Bulgaria in the preceding financial year exceeds 25 million levs ($13.9 million/12.8 million euro).
The concentration must also fulfil one of the following two conditions: either the turnover in Bulgaria of each of at least two of the undertakings participating in the concentration during the preceding financial year should exceed 3 million levs, or the turnover in Bulgaria of the undertaking – subject to acquisition should exceed 3 million levs during the preceding fiscal year.
Sofia-based TBI Rent has a registered capital of 2.3 million levs, according to the country’s commercial register.
Leasing Finance, also based in Sofia, was set up in 2005.
(1 euro = 1.95583 levs)