The Group, majority owned by BC Partners, has reached an agreement to sell SBB doo Belgrade, a major alternative pay TV, broadband internet, and fixed telephone services provider in Serbia, to e& PPF Telecom Group BV.
Additionally, United Group has agreed to sell Eon TV International Ltd, the holding company of NetTV Plus, and its sports broadcasting rights for the Western Balkans to Telekom Srbija a.d. Beograd (TS). These transactions have a combined enterprise value of €1.5 billion, with an implied EV/2024 EBITDAal (pre-IFRS 16) of 10x, underscoring United Group’s success in developing market-leading operations.
Subscribe today for free
United Group will retain ownership of key media outlets in Serbia, including N1 and Nova S. These channels will remain accessible on SBB’s fixed network and will also be offered to Yettel customers. The transactions are subject to regulatory approvals and are expected to close in the first half of 2025.
Victoriya Boklag, CEO of United Group said: “Our Group was built on the foundation of SBB almost 24 years 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.”
The Group also reaffirmed its previous announcement from January 13, 2025, regarding a non-binding agreement with BH Telekom d.d. Sarajevo ("BHT") for a potential sale of Telemach BH d.o.o. Sarajevo and Telemach Crna Gora d.o.o. Podgorica.
With the completion of these deals, United Group will have achieved its strategic objective of exiting and monetising its non-EU telecom assets. The company has no immediate plans to divest other assets.
“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 realise 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.”
RELATED STORIES
