Bulgarian Telecommunications Company (BTC), operating under the Vivacom brand, has reached an agreement to acquire 100% interest in local company Telnet, an operator with a well-developed network and distribution in the region.
Telnet offers internet and TV services to residential clients, while business users could benefit from metropolitan area network (MAN) services, hosting, colocation, as well as individual projects for building cable systems; the company has a presence in 117 towns/cities in the districts of Veliko Turnovo, 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.
The transaction is subject to all the necessary approvals from the relevant regulatory authorities and is expected to be completed in 2022.
BTC was acquired by Dutch-registered telecommunications services and media provider United Group last year. The United Group has a growing portfolio of assets in Bulgaria. Aside from Vivacom (BTC), which is the incumbent telco, it includes the national broadcaster Nova TV and ISPs Net 1 and ComNet.