The international investment firm BC Partners has signed a definitive agreement to acquire a majority stake in United Group, the leading cable and media operator in South Eastern Europe, from KKR.
Under the terms of the deal, KKR will retain a substantial minority stake in the company.
Although financial details have not been disclosed, Wall Street Journal has said it values United Group at around €2.6 billion, including debt.
Commenting on the transaction, which is subject to relevant regulatory approvals, Nikos Stathopoulos, partner at BC Partners said: “We are delighted to partner with United Group’s management team and KKR to support the company’s next phase of growth. United Group is a high-quality asset, with defensive growth characteristics, leading infrastructure, differentiated content and loyal customers. Its attractive and integrated business model and regional leadership position it well for further organic and acquisitive growth.”
Jean-Pierre Saad, MD at KKR, added: “We are proud of the way in which United Group has developed over the last five years. It is a great example of a truly convergent operator across communications and media with market leading product innovation and services. We will remain closely committed to the further development of United Group and are looking forward to working with BC Partners and the management team to further strengthen the company’s growth.”
As previously reported by Broadband TV News, the potential sale of United Group was first mooted last month in the local media.
BC Partners, along with PPF Group and Cinven, were mentioned as possible buyers in a deal that at that time was believed could be worth up to €3 billion.
