9 July 2004 – LAWFUEL – Allen & Overy has advised ABN AMRO Bank N.V., Citibank N.A., and ING Bank N.V. as joint lead arrangers on the financing of the acquisition of
MobilTel by a consortium comprising seven investment funds led by ABN AMRO
Capital, CVC International and Communication Venture Partners and three
existing shareholders of MobilTel.
The transaction, valued at e1.1 billion, has been financed by €450 million
of equity and €650 million of acquisition debt. This represents the most
significant LBO to take place in Central and Eastern Europe to date and
the largest bank financing in Bulgaria.
Established in 1994, MobilTel is the largest mobile telephone operator in
Bulgaria with 2.7 million subscribers and a turnover of €432 million in
2003.
The Paris based team advising the lead arrangers on the transaction was
led by
Vikki Greatorex and Rod Cork, assisted by Ashley Young and Danielle
Holland, with the additional support of Jacqueline Evans in London.
The members of the equity consortium were advised by Haarmann Hemmelrath
(Bernd Sagasser) and Linklaters (Derek Hayward).
Commenting on the transaction, Vikki Greatorex said:
“We are delighted that our Paris office was able to take a lead role in
this transaction, one of the largest of its kind in Bulgaria to date, and
to have been instrumental in bringing it to a successful close.”
