Bulgarian Competition Regulator Probes PPF Deal for Nova

Bulgarian Competition Regulator Probes PPF Deal for Nova

Bulgaria's competition regulator said that it has opened an in-depth probe into a deal for the sale of 100% of Bulgaria's Nova Broadcasting Group by Sweden-based entertainment company Modern Times Group (MTG) and Luxembourg-registered Eastern European Media Holdings to Czech-based investment group PPF. MTG has a 95% stake in Nova Broadcasting Group, while Eastern European Media Holdings holds the remaining 5%.Both Nova Broadcasting Group and MTG are active on Bulgaria's e-commerce market, and considering Nova Broadcasting Group's leading position in media services, the Commission for Protection of Competition has decided to launch an in-depth probe of the deal, the regulator said in a statement late on Monday. Nova Broadcasting Group is active on the e-commerce market through its units Convenience and Trendo BG, while MTG operates in the country through its Hungarian subsidiary Online Comparison Shopping. In February, when the deal was announced, MTG said the transaction values 100% of Nova Broadcasting Group at 185 million euro ($214.0 million).

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