Last year’s predictions have now come to fruition: the company SBB has been sold.
According to the announcement made by the company, United Group, which is majority-owned by BC Partners and Dragan Šolak, has reached an agreement to sell SBB – the leading alternative provider of pay television, broadband internet, and fixed telephone services in Serbia – to e& (Etisalat) PPF Telecom Group BV (“e& PPF Telecom”). Additionally, the group has finalized an agreement to sell Eon TV International Ltd (the holding company of NetTV Plus), as well as the broadcasting rights for sports events across the Western Balkans (Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia) to Telekom Srbija ad Beograd (“TS”).
With a combined company value of €1.5 billion, these transactions reflect an implied EV/2024 EBITDA (pre-IFRS 16) multiple of 10x. This deal highlights United Group’s strong market reputation and success in developing industry-leading operations and brands in the region over the past two decades, the statement noted.
Despite the sale, United Group will continue to own and manage its key media houses in Serbia, including N1 and Nova. These channels will remain available on the SBB fixed network and will also be offered to Yettel users. Furthermore, Telekom Srbija has purchased the broadcasting rights to the Sport Club channel.
The transactions are still subject to customary regulatory approvals and are expected to be finalized in the first half of 2025.
