US group buys 90% stake in Bulgarian telco

US-based AIG Investments acquired a 90% stake in the Bulgarian Telecommunications, an Associated Press report said.

'AIG Investments, through its member company AIG Capital Partners, has acquired a 90% stake in Bulgarian Telecommunications Company from Viva Ventures Holding and certain minority shareholders, following the receipt of relevant EU and other regulatory approvals,' a statement, quoted by the Associated Press report, said.

AIG Investments will launch a tender offer for the remaining shares of the telecom, which is currently listed on the Bulgarian Stock Exchange.

In March, AIG acquired 65% of the telecom for an acquisition price of 5.75 euros ($7.7) per share, equaling 1.08 billion euros ($1.4 billion) for the stake.

This valued the entire equity of the telecom at 1.66 billion euros ($2.26 billion).