March 19 (SeeNews) - Bulgarian diversified group Synthetica [BUL:EHN] said on Tuesday that it has received payment in full from local Transpekt for its stake in Union Ivkoni.
On March 15, Transpekt completed all provisions of the final purchase agreement, signed in February, and thus the deal was finalised, Synthetica said in a bourse filing.
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Synthetica's decision to sell its stake in Union Ivkoni was prompted by the company's intention to focus on real estate investments with higher profitability, it said.
Transpekt became the sole owner of Union Ivkoni last month, according to commercial register data.
On January 30, Transpekt completed the acquisition of a 51% stake in Union Ivkoni from Synthetica, followed by the purchase of the remaining 49% minority interest from private investor Ivaylo Konstantinov in February, according to the commercial register.
Transpekt financed the deal through two loans from state-owned Bulgarian Development Bank with a total face value of 41.1 million euro ($46.7 million). Transpekt pledged its take in Union Ivkoni as collateral.
In October last year, Transpekt received approval from Bulgaria's Commission for Protection of Competition to acquire local bus companies Union Ivkoni and Grup Plus.
Transpekt has a registered capital of 50,000 levs, equally divided between two private individuals - Petar Gospodinov and Georgi Atanasov.
($ = 0.8798 euro)