Funds advised or controlled by Kohlberg Kravis Roberts & Co (KKR) are acquiring the SBB/Telemach Group from Mid Europa Partners.
The executive management team led by founder Dragan Šolak will remain in place and retain a substantial stake in SBB/Telemach Group.
Financial terms of the transaction have not been disclosed.
SBB/Telemach Group is the leading Pay-TV (cable, DTH) and broadband operator in South-East Europe , with a population of over 20m in SBB/Telemach Group’s current operating perimeter. SBB/Telemach Group operates in Serbia, Slovenia, Bosnia, Croatia, Montenegro and Macedonia and has around 1.7 million cable and satellite TV, broadband, fixed and mobile customers.
Henrik Kraft, Member of KKR and head of KKR’s telecoms and technology team in Europe, says: “We look forward to partnering with Dragan Šolak and his team. They have built a strong and sophisticated TV and communications platform and we are excited to support the company in its further growth.”
Dragan Šolak, Founder and Executive Chairman of the SBB-Telemach Group, says: “I look forward to the partnership with KKR. Their sector expertise and experience and global resources and network will be a great asset for our firm in this next stage of development.”
Johannes Huth, Member of KKR and Head of European operations, says: “KKR has built a successful investment track record in the telecoms and media sector. I am confident that the investment in the SBB/Telemach Group will be equally successful.”
KKR's Co-Founder and Co-CEO Henry Kravis (pictured), says: “This is our first direct investment in Southern Eastern Europe. It adds to our investments in more than 40 European companies across 12 countries and it is a sign of our confidence in the prospects of SBB/Telemach Group, led by Dragan and his talented team, and in the region.”
The transaction is subject to customary approvals and is expected to close around year-end 2013.
