Country Bulgaria
Region Yugozapaden
Investor Advent International

Considered something of a national asset in Bulgaria, BTC was one of the last European telecommunications companies to be privatised. A formerly state-owned company, it had suffered from under-investment and inefficiencies including obsolete technology, inadequate billing systems and poor infrastructure. BTC was in need of an overhaul and investment. Two other major international telecoms firms had been unable to privatise the business so it was definitely a challenge.

Advent International saw potential in BTC and acquired it in 2004. A new experienced management team was brought in and focussed on modernising the company. Advent transformed BTC into a competitive telecoms business with a substantially digitised network and a variety of new services.

Advent International was able to achieve in two years what two major international telecoms companies had been unable to achieve in the previous six – the privatisation of BTC.

Tony Robinson Former Chief Commercial Officer, BTC

What did the business need?

  • Modernising the company and its systems
  • Investing for growth
  • Organisational change

How did private equity backing create lasting value?

  • Successful privatisation
  • Strategic repositioning programme to reduce inefficiencies
  • Digitisation programme: technology upgrade
  • Diversification of service range: leveraging the new technologies to launch new products and services, to build for long-term growth

What outcomes did private equity investment achieve?

  • Transformation into a modern telecoms business with state-of-the-art technology
  • Successful launch of a full range of new services including ADSL broadband and a third mobile operator: Vivatel
  • BTC became one of Europe’s major telecom companies


subscribers within 2 years after launch


invested in network and new services

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