Bulgarian Telecommunications Company – stack exchange privatization of a 34.8% stake (2005)

Bulgarian Telecommunications Company (BTC) is a leading telecommunications' operator in Bulgaria and a former state monopolist.

In June 2004 the Bulgarian government sold its stake  in BTC (65%) to the U.S. private equity fund Advent International for EUR 280mn + EUR 50mn capital increase. After the listing of the company and the sale of the remaining 34.8% it was transformed into a public company with market capitalization totaling around EUR 1.5bn.

34.78% of BTC shares (part of the Dream Pool) were sold in January 2005 against payment of EUR 304.3mn in compensatory instruments.

Acting on assignment by the Bulgarian Privatization Agency, Bulbrokers Consulting together with UBB and NBGI prepared legal and financial due diligence of BTC, strategy for the shares offering, marketing and investor road shows and successful placement of the shares on the stock exchange.

The transaction represents the largest ever privatization deal in Bulgaria via the stock exchange.