Turkish operator Turkcell confirmed it is making an offer to acquire a 93.99 percent stake in Bulgarian operator Vivacom, without stating the price it is proposing to pay.

According to earlier reports, the deal could be worth up to US$1.4 billion, although at that time the Turkish operator described this valuation as “groundless.”

Vivacom is a fixed and mobile operator in Bulgaria, and according to Wireless Intelligence data is the smallest player in the country’s mobile market – behind Telekom Austria’s M-Tel and OTE’s Globul. It had a 17.4 percent market share at the end of 2011.

Bloomberg previously said that three bids have already been submitted for Vivacom, from Russian investment bank VTB Capital and Bulgaria’s Corporate Commercial Bank; Icelandic investor (and former Vivacom owner) Thor Bjorgolfsson with Greek retailer Germanos; and Pamplona Capital Management.

Ratings agency Fitch said that, if successful, the Vivacom deal will “pressure” Turckell’s rating profile. It noted that if the transaction is funded from the company’s cash reserves, it would have “more limited financial flexibility” to defend its position in its home market, with the threat of a price war in this country.