The end of last month marked the successful completion of the largest deal in Bulgaria for 2019 and a key transaction for the local and regional telecoms sector. The sale of Vivacom (Bulgarian Telecommunications Company) to United Group was closed for over EUR 1.2 bln. The deal was signed in November 2019 and passed competition approval from the European Commission in April 2020.
Vivacom is the largest telco company in Bulgaria and a former state-owned operator. It provides advanced services including fibre broadband, mobile communications and digital TV to over 1.8 m private and commercial customers. Buyer United Group is the leading telecoms and media business operating in South Eastern Europe.
Vivacom's sale to United Group was recognised as 2019 Deal of the Year for Bulgaria by the regional legal industry publications CEE Legal Matters.
Kambourov & Partners advised Vivacom throughout the deal, including on the vendor due diligence and transaction structuring, and provided all relevant assistance on transaction documents, negotiations and closing.
CMS acted as English counsel to Vivacom, while Schoenherr Bulgaria and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted for the buyer United Group.