BC- and KKR-backed United Group bolts on Tele2 Croatia

[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.

Company
Founded in 2005, Zagreb-headquartered Tele2 Croatia is a mobile telecommunications business. It serves both consumer and B2B customers.

People
BC Partners – Nikos Stathopoulos (partner).
United Group – Victoriya Boklag (CEO).

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• Topics
• Expansion
• Benelux
• CEE
• Technology
• Netherlands
• Croatia
• BC Partners
• KKR
• Build-up