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Dec 21, 2009 14:45 EEST
December 21 (SeeNews) - Bulgarian Internet-based telecommunications company Spectrum Net said on Monday it plans more acquisitions in the alternative telecoms sector under its expansion plan.
The company also said it had raised 4.25 million euro ($6.1 million) by placing 4,250 five-year bonds with a par value of 1,000 euro each.
"The successful placing of the issue is a clear sign for us that the consolidation on the telecoms market, which began with the acquisition of Orbitel, is welcome by investors," Spectrum Net CEO Theodore Zahov said in a statement.
"We have resources to keep on with the acquisitions in the sector and gradually consolidated the Bulgarian alternative telecoms market."
The company acquired Orbitel from Hungary’s Magyar Telekom for an equity value of around 5.0 million euro last month. The deal is subject to approval by the Bulgarian anti-trust regulator and is expected to close by the end of the first quarter of 2010.
Spectrum Net expects revenue of over 20 million euro and an EBITDA of 5.0 million euro next year thanks to this acquisition.
Spectrum Net (www.spnet.net), set up in 1997, provides integrated data, voice and virtual services. The company is co-owned by its Theodore Zahov and Alfa Finance Holding, an industrial and financial group investing across southeast Europe.
($ = 0.6971 euro)
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