Up to 20% of the telco will be floated on the stock exchange, Transport and Telecommunications Minister Plamen Petrov said. Otherwise a stake of 65% in BTC will be offered to investors. If the candidate buyer is another telecom it will be required to have at least two million subscribers and earnings of at least 500 million euros for 2000. Financial institutions that want to acquire BTC will have to prove they manage a fund of at least 300 million euros. These two types of investors can form a consortium between themselves or with a third investor, Petrov said. The reduction of the BTC payroll will be negotiated between the Privatization Agency and the future buyer.