Bulgaria's Telelink Business Services Group (TBS Group) said that Luxembourg-registered Slovenia Broadband, part of Dutch multi-play and media provider United Group, has sent a Letter of Intent (LOI) seeking to acquire a majority stake of at least 51% in the capital of the Bulgarian company, SEENews reports.

The LOI does not represent a binding offer and the acquisition is subject to approval by competition authorities, TBS Group said in a bourse filing late on Monday.

In view of regulatory and legal compliance, TBS Group will allow Slovenia Broadband to run a financial, business, and legal analysis of the company in accordance with the Bulgarian and European legislation, according to the filing.

Last week, TBS Group said that its shareholders Lyubomir Minchev, Ivo Evgeniev and Spas Shopov are ready to offer for sale on the Bulgarian Stock Exchange (BSE) a stake of more than 50% in the company at the beginning of next year.

"I believe that TBS Group has reached a point in its evolution where a player of the above magnitude could be interested in entering the company as a strategic investor likely to accelerate and multiplicate significantly TBS Group’s growth potential," Minchev said back then.

TBS Group was spun off from local company Telelink Bulgaria in 2019, becoming the sole owner of IT infrastructure, information security and digital transformation solutions provider Telelink Business Services and several other units of Telelink engaged in similar activities.

At the beginning of 2021, United Group completed the acquisition of Bulgarian multi-platform media company Nova Broadcasting Group in line with its strategy to own both telecommunications and media assets in the markets it serves. In 2020, United Group bought Bulgarian Telecommunications Company (BTC) which operates under the Vivacom brand. The group is also present in Croatia, Serbia, Slovenia, Bosnia, Montenegro, North Macedonia and Greece.