The European Commission (EC) has approved AIG Global Investment Groups acquisition of Bulgarias main landline telecom operator Bulgarian Telecommunications Company (BTC) under the EU merger regulations.
According to the EC, the takeover would not hinder competition in the region.
AIG Global Investment Group has no telecommunication operations in the European Economic Area, and BTC operates solely in the telecom industry, according to IntelliNews.
AIG Capital Partners, part of AIG Global Investment Group, has signed a 1.08 billion euro deal to acquire more than 65 per cent of BTC from Icelandic investment group Novator.
The price of the acquisition will be increased to about 1.5 billion euro by bloc deals on the local stock market through which AIG Capital Partners will acquire an additional 25 per cent of the share capital in BTC.
