United Group B.V., the leading telecommunications and media provider in Southeastern Europe, majority owned by BC Partners, announces that it has reached an agreement to sell SBB doo Belgrade, a leading alternative pay TV, broadband internet and fixed telephone services provider in Serbia, to e& PPF Telecom Group BV (“e& PPF Telecom”). The Group has also agreed to sell Eon TV International Ltd (the holding company of the NetTV Plus business) and its sports broadcasting rights forthe Western Balkans (Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia) to Telekom Srbija a.d. Beograd (“TS”).
These transactions, with a combined Enterprise Value of €1.5bn and an implied EV/2024 EBITDAal (pre IFRS 16) of 10x demonstrate United Group’s strong track record in developing market-leading operations and brands across the region over the last two decades.
United Group will continue to own and operate its key media outlets in Serbia, including N1 and Nova S. These channels will remain available on SBB’s fixed network and will also be offered to Yettel customers.
These transactions are subject to customary regulatory approvals and are expected to be completed during H1 2025.
In addition, as previously announced on 13th January 2025,United Group has signed a non-binding agreement with BH Telekom Sarajevo in relation to a potential sale of Telemach BH Sarajevo and Telemach Crna Gora Podgorica.
Following the completion of the transactions with e& PPF Telecom, TS and BHT, United Group will have completed its strategic objective of exiting and successfully monetizing its non-EU telco assets. No other of United Group’s assets are planned to be divested in the near-term.
“Our Group was built on the foundation of SBB almost 24years ago and grew into the largest telco and media company in our region. Since its inception, United Group has expanded rapidly across Southeastern Europe through successful completion of over 100 M&A transactions and has significantly strengthened its EU positioning since its first EU foray into the Slovenian market in 2009. Our expansion into fully converged and affluent EU markets of Greece, Bulgaria and Croatia has further solidified this position. Today’s divestments are in line with our strategy to sharpen our focus on the markets where we can provide the full spectrum of mobile and fixed telecommunication services to our customers, which will enable us to realize the greatest potential for growth and value creation. By streamlining our operations and refocusing on EU markets, we are enhancing our efficiency and positioning United Group for long-term success”, said Victoriya Boklag, United Group’s CEO.
