United Group Sells SBB Serbia to e&/PPF and NetTV Plus (Western Balkans rights) to Telekom Srbija

February 11, 2025

United Group (majority owned by BC Partners) has agreed to sell SBB doo Belgrade to e& (Etisalat) and PPF Telecom (together “e&/PPF”), and to sell its NetTV Plus business and sports broadcasting rights for the Western Balkans to Telekom Srbija. The combined transactions carry an enterprise value of €1.5 billion (implied EV/2024 EBITDAal of ~10x) and are subject to customary regulatory approvals, expected to close in H1 2025.

Buyers
e& (Etisalat), PPF Telecom B.V., Telekom Srbija a.d. Beograd
Targets
SBB doo Belgrade, NetTV Plus (NetTV Plus business and Western Balkans sports broadcasting rights)
Sellers
United Group B.V., BC Partners
Location
Serbia
Transaction Type
Divestiture

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