AIG Wins Option To Take Majority Control Of BTC

Earlier in the week, reports in the Bulgarian press were suggesting that Bulgarian incumbent BTC would fall into the hands of a Texas Pacific- Warburg Pincus private equity consortium. Meanwhile, a Reuters report suggested that Oger Telecom and an unnamed US private equity fund were fighting it out to take control of BTC. It has now emerged that from nowhere AIG Global Investment Group has been successful in acquiring Novator's option to acquire a 65% stake in BTC for EUR1.08bn, valuing the company at EUR1.66bn. It is expected that AIG will still acquire an additional 25% stake in the integrated telecoms operator. AIG has indicated that it plan to exercise its option in June 2007 after which time the deal will be approved by the Bulgarian regulator.

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