July 7 (SeeNews) - Bulgaria's Commission for Protection of Competition (CPC) said on Tuesday that local company Waste Solutions has been granted approval to become the sole owner of waste collection company FCC Bulgaria.
Waste Solutions is allowed to buy 1,000 shares at a price of 9,230 levs ($5,334/4,719 euro) apiece, representing 100% interest in FCC Bulgaria, from Austria-registered FCC Environment CEE, the anti-trust body said in a notice published on its website.
You can subscribe to our M&A newsletter here
According to the CPC, the deal will not lead to a dominant position on the waste management market in Bulgaria.
Waste Solutions, based in the coastal city of Varna, has been established in order to acquire FCC Bulgaria. Currently, the company is not active in Bulgaria or abroad, the competition watchdog noted.
Interested parties have until July 21 to challenge the transaction before Sofia Administrative Court.
According to registry agency data, Waste Solutions was set up in February with a registered capital of 2 levs. The company is wholly-owned by private individual Anton Stratiev.
FCC Bulgaria generated revenue of 29 million levs and a net profit of 1.7 million levs in 2018, according to its most recent annual financial statement.
Sofia-based FCC Bulgaria provides waste collection services in a number of cities in Bulgaria, including the capital Sofia.
Last month, FCC Bulgaria was awarded a 1.5 million levs waste collection deal by Etropole municipality, after it signed a similar 5.6 million levs contract with Pleven municipality.
(1 euro = 1.95583 levs)