Bulgaria’s Allterco Gets Shareholders Approval to Sell Units to Norway's LINK
Bulgaria's Allterco [BUL:A4L] said that its shareholders have approved a proposal to sell the company's five telecommunications subsidiaries to Norway's LINK Mobility Group for a price of at least 7.9 million euro ($9 million).The deal includes all shares in Allterco's units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL, the company said in a bourse filing on Thursday. The indicative price of the deal is the combined annual adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of the five companies multiplied by 5.5. The final price will be calculated on a cash free/debt free basis. One-third of the price will be paid upon the signing of the final agreement, while a further one third will be paid as seller’s credit with quarterly payable 4.75% interest per annum and a maturity date 3 years after closing. The remaining one third will be paid in LINK Mobility Group shares, valued at the share price at close of trading on the Oslo Stock Exchange on the last trading day preceding the signing of the term sheet, which was 139.80 Norwegian crowns per LINK share.