VTB Capital, the investment arm of Russia’s VTB Group, and co-investor Bromak, a Bulgarian investment brokerage firm, have acquired a controlling stake in Bulgarian integrated telecommunications company Vivacom through a EUR130 million (approximately US$165 million) investment. Vivacom used the equity injection to partially repay the company’s debt as part of a general balance sheet restructuring. Vivacom’s total leverage has been reduced from EUR1.7 billion (approximately US$2.2 billion) to EUR588 million (approximately US$748 million) through debt repayment, equity conversion and a debt write-off.