By Chris Dziadul
Published: September 15, 2010 09.19 Europe/London
Telekom Austria is to acquire 100% stakes in the Bulgarian cable operators Megalan Network AD and Spectrum Net AD through its local subsidiary Mobiltel.
The combined debt free value of the two operators will amount to €83 million and Mobiltel will pay €72 million out of existing cash flow, including a performance oriented element of €14.5 million to be paid by the end of 2011.
The acquisitions are subject to the Bulgarian competition authority and the two operators will remain separate entities for around 18 months.
Megalan Network and Spectrum Net had a combined total of 85,400 access lines as of the end of 2009. Their combined revenues amounted to €25.3 million and EBITDA €7 million, with the latter projected to rise to €9.6 million this year.
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