Investment firm KKR yesterday announced the completion of the takeover of United Group (SBB/Telemach), which operates cable networks and pay-TV services in South Eastern Europe. KKR signed a definitive agreement to acquire United Group from Mid Europa Partners on 15 October 2013, subject to customary regulatory approvals, all of which have now been granted. The closing of the transaction by which the European Bank for Reconstruction and Development (EBRD) has invested in a minority stake alongside KKR’s affiliated funds’ majority shareholding also took place yesterday. Operating broadband networks under the SBB (Serbia) and Telemach (Slovenia, Bosnia & Herzegovina) brands, a press release says United Group serves 1.9 million pay-TV (including the ‘Total TV’ platform) and telecoms customers across the six countries of the former Yugoslavia – Serbia, Slovenia, Bosnia & Herzegovina, Montenegro, Croatia and Macedonia. ‘Following the closing of the transaction, we are now ready to accelerate our plans for the region,’ said Dragan Solak, founder and executive chairman of the United Group.
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