The Bulgarian market competition regulator approved the sale of myPos

The Bulgarian Commission on Protection of Competition (CPC) has approved the sale of the Bulgarian fintech company myPos, which specializes in payment terminals and payments. The buyer of the company is the U.S. investment fund Advent International.

The sale of myPos has been rumoured for months, and Advent officially announced the acquisition agreement on 16 November. Now the deal is about to be finalized.

The American company has established itself as one of the largest and most experienced global private equity investors.

myPos, on the other hand, was created in 2012 by two Bulgarians: Hristo Georgiev (Ed. Note: his name made headlines in recent years after the European Central Bank revoked the license of Sata Bank, where he was an investor and part of the management board; He is also the founder of the company for electronic money and cards - iCard) and Yavor Petrov. Its main office is located in London, Great Britain, but the company also operates in Bulgaria.

The fintech enterprise aims to facilitate access to POS terminals for small and medium-sized businesses, allowing immediate disbursement of received funds. In addition, as part of its activities, it issues payment cards, and opens and maintains electronic money accounts, in addition to other services.

The company operates in more than 30 European countries, though in Bulgaria its portfolio is more limited - traditional stationary and mobile POS terminals, smart POS terminals and self-service POS terminals are available.

According to the files sent to the Bulgarian competition regulator, Advent International stated that the deal represents "an investment opportunity that is fully in line with Advent's strategy of investing in attractive technology companies with the aim of increasing the value of their business." And "thanks to Advent's expertise and strategic knowledge", the Bulgarian company "will be in a good position to take advantage of market opportunities and accelerate its growth path".

The Bulgarian Commission on Protection of Competition indicates that there are no markets in the country that would be negatively impacted by the acquisition.

Advent International is already known on the Bulgarian market. Years ago, it privatized the national BTK telecom, and later for a short time, it was the majority owner in Devin (producer of bottled water) and the Kai tile factories.