December 3 (SeeNews) - Bulgarian Telecommunications Company (BTC), operating under the Vivacom brand, said on Friday that it has reached an agreement to acquire 100% interest in local company Telnet.
With the new acquisition, BTC will combine its experience in the maintenance and offering of telecommunication services with the well-developed local infrastructure of Telnet in order to provide access to new technologies for even more customers, BTC said in a statement.
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The transaction is subject to all necessary approvals by the respective regulatory authorities and is expected to close in 2022.
Telnet offers Internet and television access to private clients. as well as a number of services for business customers, including metropolitan area network (MAN) services, hosting, colocation along with individual projects for construction of cable systems. The operator offers its services in the regions of Veliko Tarnovo, Ruse, and Gabrovo.
According to commercial register data, private individual Ventsislav Stoev owns 33.5% of the capital of Telnet. Dimitar Velev controls 33.3%, while Ventsislav Petrov and Todor Neshev own stakes of 16.58% each.
In July, Bulgaria's competition authority said that it gave the green light to BTC to acquire Networx-Bulgaria, TVN Distribution Bulgaria and Telco Infrastructures, as well as to exercise indirect control of Online Direct. Earlier this year, BTC wrapped up the acquisition of 100% shareholding interest in local internet providers Net1 and ComNet Sofia, as well as in cable operator N3 as part of its strategy to expand its fixed services coverage.
BTC was acquired by Dutch-registered telecommunications services and media provider United Group last year.