AIG Buys into Bulgarian Telecom

AIG Global Investment Group has acquired 65% of Bulgarian Telecommunications Co. (BTC), Bulgaria's only fixed-line telephone operator, for 1.08 bln eur, BTC said.

BTC said AIG is expected to soon acquire a further 25% of the Bulgarian company.

Another US company, Advent International acquired BTC for 230 mln eur in 2004 when the company was put up for privatisation, BTC said. It recently came under the control of Novator, which is controlled by Icelandic billionaire Thor Bjorgolfsson.

BTC also owns Vivatel, Bulgaria's third largest mobile phone operator.

BTC posted sales of 516 mln eur in 2006 and pretax profit of 76 mln.