On 19 February 2019 the Bulgarian Competition Protection Commission (CPC) initiated a procedure for granting a permission for concentration in the meaning of art. 22 (2) of the Bulgarian Competition Protection Act under a joint notification between “Bulgarian-American Credit Bank” (BACB) and “Bulgarian Telecommunication Company” (BTC). The joint notification is for the intention of the two companies to implement concentration under art. 22 (2) of PCA by establishment of a joint-venture company. The notification is based on planned new joint activity between BACB and BTC through the establishment of the new company.
The notification filed is in compliance with the obligations under the Competition Protection Act for the entities that establish joint companies under art. 22 (2) of CPA. The permission of the concentration by the regulator body is required prior to undertaking any actions on execution of the transaction.