BC Partners Buys Serbia's Biggest Cable Group United Group

A private equity firm, BC Partners, is to take over majority ownership of Serbia's largest cable company, United Group, from the US-based equity firm, KKR, which will downgrade to minority owner, BC Partners and KKR announced jointly on Thursday. 

"BC Partners is the final buyer of KKR's stake," BC Partners told BIRN on Thursday.

The joint press release said the financial terms of the transaction were not disclosed, and the transaction is subject to relevant regulatory approvals.

BC Partners' Nikos Stathopoulos said his company was 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," he was quoted as saying.

A Reuters report cited the Wall Street Journal as saying the deal would value United Group at about 2.6 billion euros ($3.04 billion), including debt, citing sources.

United Group is the largest cable company in Serbia. It operates also in Bosnia, Montenegro and Slovenia, counting among its assets SBB, Telemach, Total TV, Sport Klub and regional N1 TV.

Among the companies up for grabs is the CNN-affiliated N1 TV, which broadcasts from Serbia, Croatia and Bosnia, and is known in the region for its professionalism.

The press release described BC Partners as a leading international investment firm with over 18 billion euros of assets under management in private equity and private credit. It was established in 1986 and has offices in North America and Europe.