On November 20th last year BTC ended up with new predetermined owner. The Bulgarian businessman Spas Rusev acquired control over the telecom in partnership with the Russian financial group VTB for EUR 330 million. The change in the ownership will be realized through the registered in Luxembourg Viva Telecom, which buys 100% of the registered in Luxembourg company InterV Investment. It holds the full ownership of BTC through the intermediate company. The sale was rather peculiar due to the fact that the seller VTB was also a buyer, and according to people close to the deal the bank provided to Rusev the large part of the financing, and according to others – even the entire amount. The payment of the price and the transfer of ownership is expected to be finalized sometime next week.
Before the auction shareholders in BTC were Tsvetan Vasilev with 43.33%, VTB with 33.33%, and the rest 23.33% belonged to a group of creditors of the telecom, headed by Michael Tanenbaum, as the ownership passed through a complex chain of companies. In November 2013, the operator through InterV took a bridge loan in the amount of EUR 150 million from VTB. The maturity date was on 22 May 2015, at the time when Tsvetan Vasilev already had his bank bankrupt and was prosecuted by the Bulgarian state. VTB decided to check in its collateral under the loan – 100% of the shares of the owner of BTC – InterV Investment. According to the bridge loan agreement, the bank is obliged to organize a procedure on the sale of InterV Investment, and not to simply utilize it.