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Joint Stock Company
HeadquartersSofia, Bulgaria
Key people
Atanas Dobrev, CEO
ProductsSatellite television, IPTV, Fixed line, Mobile telephony, Internet service provider
RevenueIncrease €454.7 million; BGN 889.5 million (2017)[1]
Number of employees
5 905

Vivacom (Bulgarian: Виваком) is the brand name of "Bulgarian Telecommunications Company EAD" ("BTC"), the largest telecommunications company in Bulgaria and a former state-owned incumbent operator. The company is headquartered in Sofia, Bulgaria and employs around 6,000 people, owning a mature distribution network with around 300 branded retail outlets and alternative sale points.

Vivacom is a fully integrated operator, providing mobile, fixed voice, fixed broadband and pay-TV (both DTH and IPTV) services on a nationwide scale to both residential and business customers. The fixed-line services are provided through copper-based and fiber network footprint, while the mobile services are based on GSM/GPRS/EDGE and UMTS/HSPA+/LTE technologies.

Vivacom owns and operates – Plana teleport, which features more than 40 transmit and receive antennas able to deliver transmission and connectivity even to the most remote points, including orbital positions in Europe, Africa, Middle East and Asia.


BTC has its roots as the incumbent fixed-line operator organizing and facilitating communications services in Bulgaria. The Company has gone through various stages of operation – from the long period of state-owned structure to the privatization procedure in 2004, when the Bulgarian government sold 65% of the share capital.[2]

In May 2005 the BTC was granted a license for the development of third-generation mobile telecommunication systems under the UMTS standard. In November 2005 the Company launched its mobile services under the “Vivatel” brand. “Vivatel” became Bulgaria's fastest growing mobile operator following its launch.[citation needed]

In January 2009, BTC announced the merger with its subsidiary BTC Mobile (“Vivatel”).[citation needed]

In September 2009, BTC and Vivatel united into a new brand - Vivacom.

Nowadays, Vivacom is the operator that offers the widest range of telecommunication solutions on the Bulgarian market.[citation needed]

In late 2012, VTB Capital, the investment arm of Russia's second-largest bank, has led a consortium (Viva Telecom Bulgaria EAD) to buy a controlling stake in BTC. The consortium included a local partner, Mr. Tzvetan Vassilev. In November 2012, Viva Telecom Bulgaria EAD acquired a 93.99 percent stake in the Bulgarian Telecommunications Company. The transaction became a fact as a result of the approval of a comprehensive scheme for the sale and restructuring of the company. The deal received approval from the European Commission and other regulatory authorities.[3] Local experts state that the purchase of VIVACOM was among the most complicated deals in Bulgaria.[4]

In 2013, Vivacom shareholders, including Tzvetan Vassilev, were issued a EUR150mn credit. Vassilev failed to make timely payments on the loan, due to the problems with Corporate Commercial Bank, where he was a majority shareholder. Soon after, Vassilev fled the country. Since Vassilev could not meet his financial obligations, the loan's collateral, 100% shares of Vivacom's holding company, was sold at an open competitive auction. The auction was conducted by Ernst&Young with the participation of major international bidders, including US companies. After 20 rounds of bidding, a consortium of financial investors led by Spas Roussev was declared the winner and new owner of Vivacom. The consortium included VTB Capital and Delta company with its owner Milen Velchev, CEO of VTB Capital AD (the bank's Bulgarian subsidiary).

In February 2016, Dmitry Kosarev, the owner of Empreno Ventures, which indirectly owned a stake in Vivacom, tried to seize the right to own the telecom operator. [5] For 3 years, Empreno was filing lawsuits against current Vivacom shareholders in Bulgaria, Luxembourg and the UK. In the end legal claims were discharged[6], including the latest trial in the High Court of London.[7] Vivacom is now up for sale.[8]


Mobile Service[edit]

As of December 31, 2016, Vivacom is the third largest mobile operator in Bulgaria, based on the number of subscribers. The company's mobile service revenue market share is approximately 28% for the year ended December 31, 2016.

As the end of 2016, Vivacom's mobile network has the following coverage of the Bulgarian population:

  • 2G (GSM/GRPS/EDGE) - 99.99%;
  • 3G (UMTS/HSPA+) - 99.98%;
  • 4G (LTE) - 86.75%.

Vivacom's 4G network has received the highest score – GWS OneScore – for speed measurement done in Sofia, Ruse, Sozopol, Kavarna and settlements on the Bulgarian Black Sea coast. The measurement of the five existing in Bulgaria LTE networks was performed by Global Wireless Solutions (GWS) on their methodology in the period 15.10–15.11.2016.[citation needed]

Fixed-line services[edit]

Vivacom is the incumbent in the fixed voice market with 82% revenue share as at December 31, 2016.

As of December 31, 2016 Vivacom is the largest fixed broadband operator with 26% subscriber market share.

As of the end of 2016, Vivacom is positioned as the third largest pay-TV provider and the largest IPTV operator.[citation needed]

Supervisory board[edit]

  • Spas Rusev - Member of the Supervisory Board[9]
  • Bojan Ivanovic - Member of the Supervisory Board
  • Zeno Meier - Member of the Supervisory Board
  • Bruno Ducharme - Member of the Supervisory Board
  • Franz Hoerhager - Member of the Supervisory Board

Management Board[edit]

  • Atanas Dobrev - Member of the Managing Board, Chief Executive Officer
  • Radoslav Zlatkov - Chief Technical Officer
  • Ivo Zlatev - Chief Legal Officer
  • Dimitris Lioupis - Chief Marketing Officer
  • Miroslav Petrov - Chief Sales Officer
  • Asen Velikov - Chief Financial Officer


  1. ^
  2. ^ Historical summary – Bulgarian Posts website
  3. ^ Editorial, Reuters. "UPDATE 1-RLPC-Bulgaria's Vivacom gets court approval for restructuring". U.S. Retrieved 2018-04-15.
  4. ^ BSH. "BOYANOV & Co. Advises on "Probably the Most Complicated Deal in Bulgaria Ever" «  Borislav Boyanov & Co". Retrieved 2018-04-15.
  5. ^ "Акционеры не сдают Vivacom". Retrieved 2019-08-19.
  6. ^ "Акционеры болгарского Vivacom выставили оператора на продажу после завершения судов". Retrieved 2019-08-19.
  7. ^ "HTML VERSION OF JUDGMENT APPROVED". Retrieved 2019-08-19.
  8. ^ "Bulgaria's Vivacom up for sale in spite of ownership disput". Retrieved 2019-08-19.
  9. ^

External links[edit]