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AIG Investments acquires Bulgarian Telecommunications Company17/08/2007. Source: AltAssets. 
 American International Group's asset management arm AIG Investments, through its member company AIG Capital Partners, has acquired a 90 per cent stake in Bulgarian Telecommunications Company from Viva Ventures Holding and certain minority shareholders, following the receipt of relevant EU and other regulatory approvals.
BTC provides telecommunication services, including voice, data, internet, leased line, TV and radio broadcasting and transmission, and payphone services. The company is currently listed on the Bulgarian Stock Exchange.
AIG Investments will launch a tender offer for the remaining BTC shares.
Viva and Novator signed an agreement on 3 May 2007 for AIG Investments to acquire Viva's 65 per cent stake in BTC for BGN11.25 (€5.75) per share, or BGN2.1bn (€1.1bn) in total, including the 2006 dividend of BGN0.55 (€0.28) per share. This valued the entire equity of BTC at BGN3.2bn (€1.7bn). Following the payment of the 2006 dividend of BGN0.55 (€0.28) per share, the price per share is BGN10.70 (€5.47).
Pierre Mellinger, who has overall responsibility for AIG Capital Partners' private equity activity in Central and Eastern Europe, said, 'Based on our experience in the region, our successful investments in Bulgaria and in the telecommunication industry, we are well placed to bring BTC to the next step of its growth. We will be capitalising on the strong existing platform that has been developed to date to implement our strategy and allow BTC to become one of the most innovative telecoms companies in the region.'
AIG Capital Partners is a private equity investor in emerging markets, and together with its emerging markets affiliates, employs 100 investment professionals located in 19 offices globally.
Member companies of AIG Investments manage approximately $711bn in assets and employ over 2,000 professionals in 44 offices around the world.
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