Insurance giant AIG will bid for the 65 per cent share of Bulgarian Telecommunication Company (BTC) offered for sale.

Until recently Arab Oger Telecom, the consortium Texas Pacific Group – Warberg Pincus and Mid Europa Partners were the main competitors for the share, Financial Times (FT) said. Later, Mid Europa Partners withdrew its offer.

AIG would pay 1.7 to 1.9 billion euro for the company, FT said.

According to the newspaper Oger Telecom, owner of 55 per cent of Turkish Turk Telekom, was strong competitor, because it could win the support of Bulgarians of Turkish origin.

BTC registered 42.58 million leva revenue for the first three months of 2007. The company’s income increased by 1.3 per cent to 254.96 million leva over the past year.