This follows the receipt of all necessary regulatory approvals in a deal, which as previously reported by Broadband TV News> saw it agree to buy the stake from KKR last September. Under the terms of the deal, KKR and United Group’s management will retain a substantial minority stake in United Group.
Commenting on the development, Nikos Stathopoulos, partner at BC Partners said: “We are delighted to have completed this transaction with United Group’s management team and KKR, and look forward to supporting the company’s next phase of growth. United Group is a high-quality asset, with defensive growth characteristics, leading infrastructure, differentiated content and a growing base of loyal customers. Its attractive and integrated business model and regional leadership position provide an excellent platform for further organic growth and strategic acquisitions across Europe.”
Jean-Pierre Saad, MD at KKR, added: “We are proud of the many achievements of United Group 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.”
United Group was founded in Serbia and is now headquartered in Amsterdam. It has been backed by KKR since 2014 and provides services to over 1.8 million homes in South Eastern Europe.