BC Partners- and KKR-backed telecommunications and media business United Group has agreed to acquire mobile operator Tele2 Croatia in a deal giving the business an enterprise value of €220m.
[Editor's note: BC Partners is the majority owner of Acuris, the parent company of Unquote]
The transaction forms part of the acquirer's plans to consolidate the south-eastern European telecommunications market. United Group previously acquired Slovenian mobile operator Tušmobil in 2014.
The bolt-on comes nine months after BC acquired a majority stake in Amsterdam-headquartered United Group from KKR, in a deal that saw the vendor retain a minority holding in the business. At the time of the transaction, a source told Unquote that the deal valued the group at around €2.6bn.
BC is invested in United Group via BC European Capital X, which held a final close on its €7bn target in January 2018 after two years on the road.
At the time of publication, Unquote was awaiting a response to a request for comment from a BC spokesperson as to whether the GP provided fresh capital to support the acquisition.
The transaction is subject to regulatory approval and is scheduled to complete by the end of 2019.
Founded in 2005, Zagreb-headquartered Tele2 Croatia is a mobile telecommunications business. It serves both consumer and B2B customers.
BC Partners – Nikos Stathopoulos (partner).
United Group – Victoriya Boklag (CEO).
Aliter Capital formed North via a buy-and-build strategy for portfolio company Boston Networks
GP invested EUR 60m for a minority stake in the environmental commodities trading platform in 2018
European growth technology investor held a final close for its debut vehicle in 2018 on EUR 400m
Alto Capital III fund secured a majority stake in the food products manufacturer in 2017