March 21 (SeeNews) - Bulgarian civil engineering company Glavbolgarstroy filed for approval its planned acquisition of local sector player Global Construction, the Bulgarian competition authority said.
Third parties potentially concerned by the concentration and its effect on competition have seven days to submit comments on the transaction, the Commission on Protection of Competition (CPC) said in a notice on Monday.
You can subscribe to our M&A newsletter here
Glavbolgarstroy and Global Construction are both active in the construction and maintenance of road, energy and urban infrastructure, with Glavbolgarstroy also specialising in residential high-rise construction.
Founded in 2010, Global Construction shifted its focus onto the construction and civil engineering sector in 2017. Its goal is to take the lead market position in tunnel construction, according to its website.
In 2019, a Bulgarian consortium in which Global Construction holds a 49% stake, won a 185.4 million levs ($101.8 million/94.8 million euro) contract to build Bulgaria's longest tunnel, Zheleznitsa, along the under-construction Struma motorway in southwest Bulgaria. Global Construction is also in charge of construction and renovation works on the Vitinya tunnel along Bulgaria's northern motorway.
Private joint stock company Glavbolgarstroy is also engaged in construction of a section of the Struma motorway, with its Glavbolgarstroy International unit taking part in a Bulgarian-Portuguese consortium, which won a 475.2 million levs contract in 2020.
(1 euro = 1.95583 levs)