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Turk Telekom Places Bids for Bulgaria's Globul, Germanos

Finance and Taxes

Turk Telekom has placed binding bids to acquire Bulgarian operator Cosmo Mobile (Globul) and electronic appliance retailer Germanos Telecom Bulgaria.

Turk Telekom made the announcement in a statement to Istanbul stock exchange, according to international media. The move to buy all the shares in both companies is part of Turk Telekom’s regional expansion strategy.

In March, OTE, Greece's biggest telecoms operator, extended by a month the deadline for bidders in the sale of its Bulgarian unit, Globul.

The auction is set to take place on Friday 19 April 2013. Interested buyers include the Turkish Turkcell, the Norwegian Telenor, and Deutsche Telekom, which has 40% stake in OTE.

Globul accounts for about 7% of OTE's sales and about 9% of earnings before interest, tax, depreciation and amortization (EBITDA).

In Bulgaria, Globul competes with Telekom Austria Mobiltel and Vivacom, recently acquired by Bulgarian banker Tsvetan Vasilev, and Russia's VTB Bank.

Source: www.novinite.com

(24.04.2013)