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A Consortium Acquires Mobiltel Holding for 1.2bn Euros in Cash

The biggest ever leveraged-buy-out in central and eastern Europe has been finalised, according to Bulgaria's largest mobile phone company, MobilTel.

A consortium comprising some of the existing Austrian shareholders of Mobiltel Holding GmbH and seven private equity investors acquired the mobile operator for the total consideration of 1.2 billion euros in cash.

After the transfer of assets, which was finalised at a ceremony on July 6, the company is officially owned by BidCo AD, the Bulgarian bidding vehicle of the consortium.

MobilTel offers wireless services to 2.8 million customers and has the largest share on the Bulgarian mobile market.

For 2003, the company reported revenues of 432 million euros and an EBITDA of 272 million euros.

(NewsBase 12.vii.04)

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