Advent and AIG in Bulgarias largest transaction ever

Advent International, the £10bn private equity house, has sold its 65% ownership stake in The Bulgarian Telecommunications Company to AIG Capital Partners for €1.08bn. This is one of Bulgaria’s largest ever transactions and values the company at €1.66bn. Part of the company’s value was created by winning the hotly contested third GSM licence in Bulgaria and launching BTC Mobile.

Back in June 2004, Advent bought the 65% stake in BTC in following a lengthy two-year privatization process. The remaining 35% was floated on the Sofia Stock Exchange.

Joanna James, managing director of Advent International said: “BTC offered enormous potential when we first bid for it in 2002 and, since acquiring a majority stake the company in 2004, we have worked hard to fulfil that potential. BTC has substantially increased the digitalisation of its network, launched new services including ADSL broadband and launched BTC Mobile. It is now one of Europe’s major telecom businesses with a great future.”