The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Largest private equity investment in CEE

Target: MobilTel EAD, Bulgarian mobile phone network operator. Established in 1994, MobilTel is the largest mobile phone operator in Bulgaria with 2.7 million subscribers and a turnover of ?432 million ($533 million) in 2003.

Bidder: A private equity consortium comprising seven investment funds led by ABN Amro Capital, CVC International and Communication Venture Partners.

Seller: A consortium comprising Austria's third-biggest bank BAWAG, Taus family fund Management Trust Holding, financial company Kordt und Partner and family trust MC-Privatstiftung

Bid value: ?1.1 billion

Dollar equivalent: $1.37 billion

Acquired stake: 40%

Deal technique: Leveraged buy-out

Announcement date: April 17 2004

Date completed: July 5 2004

Financing structure: ?450 million of equity and ?650 million of acquisition debt, ?450 million of the debt being a five-year syndicated lending facility (the largest ever in Bulgaria) and a ?200 million bridge loan that expires after 365 days. The bridge loan is expected to be refinanced by a bond issue before the end of the year.

Lenders: ABN Amro Bank, Citibank and ING Bank as lead arrangers

Legal advisors: Allen & Overy, Paris office, advising the lenders, led by Vikki Greatorex. Haarmann Hemmelrath, led by Bernd Sagasser, and Linklaters, led by Derek Hayward, advising the equity consortium.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree