United Group closes takeover of Bulgaria's Bulsatcom

The deal aligns with United Group's strategy to expand and bolster its market presence in the region, driving innovation, the company said in a press release on Tuesday, without disclosing the value of the transaction.

"This step will allow us to foster further growth in this important market and allow for acceleration of innovation in the region. This acquisition complements our portfolio and brings clear benefits to existing and future customers in Bulgaria," United Group CEO Victoriya Boklag said.

The group sought approval for the acquisition from Bulgaria's Commission on Protection of Competition (CPC) in November, causing telecommunications operators A1 Bulgaria and Yettel Bulgaria to file appeals against it. At the end of December, the competition authority launched an in-depth investigation of the deal and approved it earlier this month.

In Bulgaria, Southeast Europe-focused United Group owns telecommunications operator Vivacom, Nova Broadcasting Group and newspaper Telegraph.

The company also operates in Serbia, Bosnia and Herzegovina, Montenegro, Slovenia, North Macedonia, Croatia and Greece, generating annual revenue of some 2.7 billion euro ($2.9 billion).

($ = 0.9211 euro)