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AIG Gets OK to Buy Stake in Bulgarian Telecom Operator

From Staff Reports

The European Commission (EC) has given AIG Global Investment Group the green light to acquire 65% of Bulgarian Telecommunications Co. (BTC), the Eastern European country’s largest landline telecommunications operator, for $1.47 billion. AIG Global Investment Group is the private-equity investment arm of American International Group Inc. (NYSE: AIG).

The EC ruled that the acquisition, the largest private takeover in the country to date, would not hinder competition in the region because AIG doesn’t have a telecom operation in the Europe Economic Area. 

Formerly a state-owned venture, BTC was sold to Iceland’s Novator Holdings and Boston’s Viva Ventures, part of Advent International Corp.


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August 13th, 2007

Why Gold Will Surpass $2,500

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