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ZAGREB (Croatia), January 15 (SeeNews) - Multi-play operator United Group said on Monday it is disposing of its non-core operations in Croatia through the sale of a 100% stake in Total TV BV, the Dutch parent company of Totalna Televizija doo, to V-Investment Holdings B.V.
V-Investment Holdings B.V. is an entity owned and controlled by Lyubomir Minchev, an entrepreneur and founder of Bulgarian-headquartered multinational network integrator Telelink Group, United Group said in response to a SeeNews inquiry.
Through this transaction United Group has fully withdrawn from the non-core Croatian retail Pay-TV distribution market, which it said will allow for greater management focus on and allocation of capital resources to its core operations.
"The Board of Directors of United Group is pleased with the terms of the transaction and believes that it is leaving the company and its subscribers in capable hands," it added.
As part of the transaction, United Group will provide full technical support to Totalna Televizija doo during the 12-month transitional period to allow for smooth ownership transition.
According to local media, the transaction will also allow United Group to acquire Croatian TV broadcaster Nova TV, after in November it was barred from doing so by the regulator for electronic media which argued that the transaction would run counter to the country's law.
Croatia's regulator for electronic media explained at the time that its decision is aimed to protect pluralism and the diversity of electronic media, noting that United Group also runs Total TV in the country.
In July, United Group, backed by US investment firm KKR and the European Bank for Reconstruction and Development (EBRD), said it had agreed to acquire the Croatian and Slovenian media portfolio of Central European Media Enterprises (CME), including broadcaster Nova TV.