February 10 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it co-invested 50 million euro ($68.2 million) alongside private equity firm Kohlberg Kravis Roberts (KKR&Co.) for the acquisition of a majority stake in the SBB/Telemach Group, which operates on the markets of ex-Yugoslavia.
The transaction - subject to regulatory approvals, will increase competition in the telecom sector and support the expansion of a regional telecom and media player that has demonstrated the use of best practice across various markets and geographies, the EBRD said in a press release.
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The total project cost is valued at up to 1.0 billion euro.
SBB/Telemach Group is the leading pay-TV and broadband operator in Southeast Europe, with a population of over 20 million in its current operating perimeter. It operates in Serbia, Slovenia, Bosnia, Croatia, Montenegro and Macedonia and has around 1.7 million cable and satellite TV, broadband, fixed and mobile customers.
KKR&Co. is an American multinational private equity firm, specializing in leveraged buyouts, headquartered in New York. The firm sponsors and manages private equity investment funds. Since its inception, the firm has completed over $400 billion of private equity transactions and was a pioneer in the leveraged buyout industry.
($=0.7335 euro)