United Group BV, a multi-play telecoms and media company in Southeast Europe, has agreed to sell 100 percent of its mobile tower infrastructure unit, consisting of 4,800 towers in Bulgaria, Croatia and Slovenia, to TAWAL, a subsidiary of stc Group.
The transaction values the tower unit, known as TowerCo, at €1.2 billion ($1.3 billion).
In the past three years, United Group has cemented its position as the leading multi-play telecoms and media company in Southeast Europe. It has successfully expanded into more stable and affluent E.U. markets through significant investments in Greece, Bulgaria and Croatia. The company operates a diverse range of assets spanning mobile and fixed-line internet services, pay TV and media.
Proceeds from the sale will allow United Group to significantly deleverage the business, freeing up cash flow for future growth. The transaction also will enable continued investment in the mobile network, including plans to roll out 2,000 additi