Bulgarian telecommunications group BTC said its creditors signed an agreement on the basic terms of the sale of a 93.99% stake in the company to local Corporate Commercial Bank and Russian lender VTB Capital.
The wrap-up of the deal, which is contingent on certain conditions and is pending regulatory approval, is expected in September, BTC said in a statement to the Sofia bourse.
After the acquisition is finalised, the new majority owners will launch a buyout bid for the remaining shares in the telco, the statement added.
Last month, BTC announced it had received an offer for 130 million euro ($161 million) in exchange for a majority stake in the company from two financial investors. It quoted no names.
The creditors will have the option to sell their entire stakes to the two investors for a total of 617 million euro. The acquisitions price will be between 0.81 and 1.92 levs ($0.51-1.22/0.41-0.98 euro) per share, depending on the sale option the creditors choose, it said back then.
Following the deal, the telecommunications group debt would be reduced to 588 million euro.
Currently, BTC's majority owner is telecommunications services provider NEF Telecom Bulgaria.