United Group, a provider of telecommunications services and media in Southeast Europe, is to acquire Bulgaria’s largest multi-platform media company Nova Broadcasting Group from Advance Media Group.
The transaction is expected to close early in 2021 and is subject to customary regulatory approvals.
Nova comprises of 10 TV channels including national NOVA TV, the country’s largest online platform Net Info that reach on average 80 per cent of the Bulgarian population every month, as well as four radio stations.
United Group CEO Victoriya Boklag says: “We’re very pleased with this agreement. We are buying a successful company from two prominent entrepreneurs with great prospects for further growth within United Group. The acquisition is in line with the overall strategy of United Group to own both telecom and media assets in the markets we serve.
“Nova Broadcasting Group complements our existing media assets and I’m confident we’ll find many synergies between them, which gives us scale on each market to further invest in local content and quickly reach audiences.”
Advance Media Group CEO Georgi Domuschiev says: “This transaction is a great success and a great opportunity for Nova, its viewers and clients. I would like to thank everyone who has helped us grow Bulgaria’s leading commercial media group. The deal with United Group will ensure the continued development of Nova.”
The investment marks the fourth large-scale transaction since BC Partners acquired United Group in March 2019.
Operating in both the telecommunications and media sectors, the United Group platform combines the leading operators and best content producers in Southeast Europe. The company has approximately 10 million users and 11 thousand employees.
Source: Private Equity Wire
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