Telekom Austria Agrees To Buy Two Bulgarian Cable Operators for 72 Mln Euro
Thursday, 01 January 1970
Telekom Austria said on Wednesday it has agreed to buy 100% of Bulgarian cable operators Megalan Network and Spectrum Net for a total of 72 million euro ($92.7 million).
The acquisitions will be carried out through Telekom Austria's Bulgarian subsidiary Mobiltel, the Austrian company said in a statement.
Telekom Austria will pay 72 million euro out of existing cash flow which includes a performance-oriented element of 14.5 million euro. This portion of the purchase price will be paid by the end of 2011 and is subject to the achievement of performance criteria.
The combined debt free value of both entities will amount to a total of 83 million euro, the statement said.