Boyanov & Co in Bulgaria, NNDKP in Romania, and the Polenak Law Firm in North Macedonia have advised Norway's LINK Mobility Group on its June 29, 2019 acquisition of all five of Allterco's telecommunications subsidiaries in Bulgaria, Romania, and North Macedonia. Bulgaria's Forlexa law firm reportedly advised Allterco on the deal.
According to Boyanov & Co, which led the buy-side legal team, the indicative price was EUR 7.9 million, but "the final price will be determined on a cash-free/debt-free basis after correction of the companies’ preliminary financial statements."
The deal involves Allterco’s Bulgarian units (Teravoice, Tera Communications, and Allterpay), as well as its Romania-based subsidiary Teracomm RO and North Macedonia-based Tera Communications DOOEL.
Upon completion of the transaction, Allterco will receive 60% of the price in cash. A further 20% will be paid on a deferred basis within two years, while the remaining 20% will be paid by transferring rights for purchase of shares in Victory Partners VIII Norway Holding – the sole owner of LINK Mobility Group.
Among other things, Boyanov & Co., NNDKP, and the Polenak Law Firm - all members of the SEE Legal alliance: (i) carried out a legal due diligence of the targets; (ii) advised on the share purchase agreement; (iii) advised on a corporate restructuring of the targets to smooth the completion; (iv) advised on antitrust clearances in Bulgaria and North Macedonia; and (v) assisted in satisfaction of various other conditions precedent to closing the deal.
The Boyanov & Co. team was led by Partner Damian Simeonov, the Polenak Law Firm’s team included Partners Tatjana Shishkovska and Metodija Velkov, and NNDKP’s team was led by Partner Gabriela Cacerea and Managing Associate Madalina Panca.
The Forlexa team was led by Partner Trayan Ivanov.
Just last month the same four firms advised on Link Mobility Group's acquisition of Terracomm, a provider of B2C messaging services, from Allterco (as reported by CEE Legal Matters on June 11, 2019).
Editor's Note: After this article was published Forlexa confirmed its involvement in the deal and informed CEE Legal Matters that Managing Partner Stanislav Kassarov had worked alongside Trayan Ivanov. In addition, Forlexa reported, Allterco's in-house legal team was led by lawyer Denica Stefanova.