BT Invest GmbH signed an agreement with Bulgaria's Agency for privatization of state property about the acquisition of 79.83% of shares of Bulgartabak, the Agency informed.
The deal value is 100.1 million euro. One-fifth of this sum shall be paid by BT Invest GmbH on September 13, the remaining 80% on the day the deal is closed. Also, the transaction should be approved by the antimonopoly authorities of Bulgaria.
The privatization agreement contains a number of obligations imposed on BT Invest. In particular, the company shall undertake not to reduce its share in Bulgartabak during 5 years and to maintain the average annual staff size at level of 2010 for 3 years.
According to the mass media BT Invest GmbH is controlled by VTB Group.
Bank VTB ranks second largest Russian bank after Sberbank in terms of assets. The state's share in its authorized capital is 75.5%. In Russia, VTB Group performs banking operations through one parent bank (VTB Bank) and two subsidiary banks (VTB 24 and TransCreditBank). Outside of Russia, the group performs operations through 12 affiliated banks located in the CIS countries (Armenia, Ukraine, Belarus, Kazakhstan and Azerbaijan), in Europe (Austria, Cyprus, Germany, France and Great Britain), in Georgia, in Africa (Angola) and through three representative offices located in Italy, China and Republic Kyrgyzstan, through two VTB branches located in China and India and through two VTB Capital branches in Singapore and Dubai.
VTB's 2010 net profit (IFRS) was 54.8 billion Rub. against a loss of 59.6 billion Rub. a year before. The net profit of VTB for Q1 2011 (IFRS) was 26.1 billion Rub. growing by 70.6% year-on-year. The net profit of VTB in H1 2011 (IFRS) was 53.6 billion Rub. growing 2.14-fold against H1 2010.