Turkey’s landline operator Turk Telekom has reportedly submitted the highest price offer in the latest round of the competition for a possible sell-out of the controlling stake in Bulgaria’s telecom major BTC, according to unofficial sources of Kapital weekly. The sale procedures is run by Novator Telecom Bulgaria, which is part of the corporate group Novator of Iceland’s billionaire Thor Bjorgolfsson and has a call option for taking over 65% of BTC.  It is believed however that Bjorgolfsson’s total ownership in BTC through Novator and other related entities exceeds 90%. According to Kapital , the final shortlist of candidates comprises two strategic investors – Turk Telekom and Turkey ’s largest cell-phone operator Turkcell – as well as two or three equity funds -- Texas Pacific Group, AIG Global Investment Group, and possibly Mid Europa Partners. The first shortlist mentioned in the press included three other investments funds -- Bain Capital, Providence Equity Partners, and Warburg Pincus, which have reportedly left the race. The price offered by Turk Telekom is rumoured at nearly EUR 2bn for the full stake in BTC but it is expected that Bjorgolfsson will ask further improvements in the final stage of sale negotiations. The market capitalisation of BTC stands at some EUR 1.85bn at present. Moreover, it is not clear yet whether Novator will sell out its interest in near terms, as the company is considering three scenarios: sell-out to a investment fund or strategic investor under the ongoing competition called by Novator; partnership with a strategic investor; and continued control of Navotor in BTC in line with plans for further expansion in the telecom sector in the region. In addition to its dominant position on the landline telecom market, BTC is the full owner of the country’s third cell-phone operator vivatel, which has launched operations in November 2005 and holds a market share of some 8% at present, servicing more than 600,000 customers.