The transaction is expected to close in early 2021 and is subject to customary regulatory approvals.
Nova, which was previously owned by Sweden’s Modern Times Group (MTG), is one of the two leading national commercial broadcasters in Bulgaria. It comprises of 10 TV channels, including the flagship Nova TV, as well as the leading online platform Net Info and four radio stations.
Commenting on the acquisition, United Group CEO Victoriya Boklag said: “We’re very pleased with this agreement. We are buying a successful company from two prominent entrepreneurs with great prospects for further growth within United Group. The acquisition is in line with the overall strategy of United Group to own both telecom and media assets in the markets we serve”.
She added: “Nova Broadcasting Group complements our existing media assets and I’m confident we’ll find many synergies between them, which gives us scale on each market to further invest in local content and quickly reach audiences”.
Advance Media Group CEO Georgi Domuschiev said: “This transaction is a great success and a great opportunity for Nova, its viewers and clients. I would like to thank everyone who has helped us grow Bulgaria’s leading commercial media group. The deal with United Group will ensure the continued development of Nova”.
The investment marks the fourth large-scale transaction since BC Partners acquired United Group in March 2019.
United Group is a leading provider of telecom services and media in Southeast Europe.