KKR's United Group to invest €293mn in Serbia within next five years

KKR's United Group to invest €293mn in Serbia within next five years
KKR representatives meet Serbian President Aleksandar Vucic in Belgrade on April 17.
By bne IntelliNews April 18, 2018

United Group, a leading multi-play (Pay-TV, Broadband, Telephony, Mobile) operator in Southeast Europe, majority owned by US private equity firm Kohlberg Kravis Roberts (KKR), plans to invest €293mn in Serbia within next five years, KKR’s representatives announced on April 17 during their meeting with Serbia’s President Aleksandar Vucic in Belgrade.

United Group has been majority owned by funds advised by leading global investment firm KKR since 2014 and backed by the European Bank for Reconstruction and Development (EBRD) as a minority shareholder since 2004. United Group controls Serbian largest cable provider Serbia Broadband (SBB).

“Since KKR’s acquisition of United Group in 2014, we have already invested €264mn in Serbia. KKR’s commitment of an additional €293mn over the next five years is a vote of confidence in Serbia’s potential and the progress it is achieving towards economic reform and EU legal standards. We thank President Vucic for his continued leadership in ensuring that international investors are welcomed in Serbia,” Johannes Huth, head of KKR’s operations in Europe, the Middle East and Africa, said on April 17, reads KKR’s press release.

United Group employs 1,881 people in Serbia. United Group also supports extensive social benefit and environmental protection programmes through the SBB Foundation. 

In the April 17 press release, KRK quoted the latest European Economic Forecast according to which the economic fundamentals and underlying growth trends for Serbia remain robust, with private and government investment both set to accelerate.

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