Blizoo, the Bulgarian cable operator, is sold by EQT Partners to Telekom Austria Group
EQT V has reached an agreement to sell the Bulgarian cable operator blizoo to the Telekom Austria Group (“Telekom Austria”). blizoo is offering high-end internet, TV and fixed line telephony services to its customer base. In combination with Telekom Austria’s Bulgarian subsidiary Mobiltel, operating under the brand Mtel, this will lead to a leading full 4play service operator in Bulgaria.
The acquisition of blizoo Bulgaria is part of Telekom Austria Group’s convergence strategy. One year ago, Telekom Austria acquired blizoo Macedonia from EQT V.
“The acquisition of blizoo by Telekom Austria is a compelling strategic step. This is an industrially sound transaction which will drive a consolidation of the Bulgarian cable market, for the benefit of both the companies and their customers,” says Dominik Stein, Partner at EQT Partners, Investment Advisor to EQT V.
EQT V acquired blizoo in 2009. During EQT V’s ownership, blizoo has significantly expanded the product offering and invested heavily to upgrade the network, becoming the leading high-end quality cable operator in Bulgaria. As an example, blizoo is the only cable company offering 200 Mbit/s broadband speed to its customer base. During 2014, blizoo generated sales of EUR 47 million and had an EBITDA of EUR 19 million. blizoo has almost 1,200 employees.
“The majority of our customers take advantage of blizoo’s multi-play offering already today but in combination with Mobiltel, we will be able to offer the full 4play service spectrum to our customer base and this also offers great opportunities for further growth,” continues Harald Rösch, CEO of blizoo.
The transaction is subject to approval from merger authorities and is expected to close during the fourth quarter of 2015. The parties have agreed to keep the transaction details undisclosed.
blizoo is a market leading cable TV network operator in Bulgaria which offers analog/digital cable TV, broadband and fixed line telephony services. blizoo operates in the majority of large cities in Bulgaria and has a subscriber base of approximately 373,000 blizoo is headquartered in Sofia and has approximately 1,200 employees.
Source: EQT Press Release