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United Group to invest over 600 mln euro in SEE in five yrs

Author Maja Garaca
United Group to invest over 600 mln euro in SEE in five yrs Source: EBRD

ZAGREB (Croatia), May 9 (SeeNews) - Private multi-play telecoms and media provider United Group will invest over 600 million euro ($713.6 million) in Southeast Europe (SEE) over the next five years, the EBRD, a minority stakeholder in the company, said on Wednesday.

United Group, founded in 2000 by entrepreneur Dragan Solak, will use the money to invest in infrastructure in the region, creating jobs and unlocking business opportunities, the EBRD said in a statement.

In 2004 the EBRD invested in SBB – a cable network and internet service provider in Serbia and Montenegro. In 2009 the merger of SBB with telecoms companies Telemach Slovenia and Telemach Bosnia led to the establishment of United Group. In 2014 global investment firm KKR became the majority owner of United Group, with the EBRD retaining a minority stake.

"Our engagement with United Group and the cooperation with majority owner KKR is a real success story. Our shared commitment to the region and achievements to date make us very confident as we look to the future, especially as United Group continues to invest in the region," EBRD vice president Alain Pilloux is quoted as saying in a statement by the international lender.

The EBRD is a major investor in SEE with approximately 1 billion euro of new projects each year.

United Group has laid over 15,000 km of fibre-optic cable in the region, reaching 1.77 million homes and supporting 50,000 businesses. It employs more than 3,400.

($=0.8408 euro)