UAE telecommunication company e&, formerly Etisalat, has denied recent media reports that it was on the verge of acquiring Netherlands-based United Group for 8 billion euros ($8.6 billion).
In a filing with the Abu Dhabi Securities Exchange, e& clarified: “In response to media reports speculating on e&’s potential acquisition of United Group BV, we confirm that e& has not entered into any negotiation or agreement in respect of United Group BV’s assets.
“However, consistent with our corporate strategy, e& continually reviews relevant market opportunities with the objectives of maximising shareholder value.”
Bloomberg News recently reported that private equity firm BC Partners, the majority shareholder of United Group, had agreed to sell its majority stake and that a formal sale process was planned to commence next month. It did add that discussions were in the preliminary stages and that the unit could be sold to “multiple buyers”.
BC Partners bought a majority ownership of United Group from private equity firm KKR last year in September. KKR still retains a substantial minority stake in the company.
Founded in Serbia and headquartered in the Netherlands, United Group provides broadband and mobile services as well as pay-TV content in eight European markets, including Bosnia & Herzegovina, Croatia, Montenegro, Serbia and Slovenia. It’s last reported revenue for the year was 2,791 million euros.
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