The European Commission has cleared the private equity arm of New York-based insurer American International Group Inc. (AIG) to buy a 65-percent stake in Bulgarian Telecommunications Co., confirming that the deal would not cause any antitrust issues.
Bulgaria's former state telecoms monopoly is currently owned by Viva Ventures, the investment arm of Boston-based private-equity firm Advent International Corp., and Iceland's Novator Holdings. With the offer from American International Group valuing the Bulgarian fixed and mobile phone business at €1.08 billion (US$1.47 billion), it will be the largest private takeover in the country to date.
EU regulators were said to easily approve the deal as
AIG has no previous telecoms business in Bulgaria.
Associated Press
