Telekom Austria signed on Wednesday a contract to buy all of the biggest Bulgarian mobile phone operator Mobiltel, for 1.6 billion euros (1.97 billion dollars), the company said. The deal, first announced in December last year, is expected to be finalised in July and will assure Telekom Austria of "a strategic advantage" in the market, general manager
Heinz Sundt said in a statement. Mobiltel has 2.7 million subscribers and had a turnover of 119 million euros in the first quarter of 2005.
The Bulgarian company was bought for 1.2 billion euros in May 2004 by Austrian
stakeholders linked to ABN AMRO Capital, Citigroup Investments Inc and Communications Venture Partners Ltd in the biggest take-over in the sector in central and eastern Europe.
Telekom Austria, the country's biggest telecommunications operator, reported a 64-percent increase in net profit in the
first quarter of the year, up to 115.7 million euros from
70.7 million euros in the same period in 2004.
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