BC Partners Weighs Sale of United Group’s Croatian Unit

BC Partners is preparing a disposal of United Group BV’s Croatian business, as a first step in a broader plan to revive the sale of the telecom operator, people with knowledge of the matter said.

The buyout firm is working with JPMorgan Chase & Co. and has started to gauge investor interest in the asset, which could fetch about €700 million ($784 million) based on earnings of €100 million, according to the people.

A sale process is expected to launch this month and draw other private equity firms, the people said, asking not to be identified discussing confidential information.

Deliberations are ongoing and BC Partners could also decide to keep the asset for longer, the people said. A representative for BC Partners declined to comment, while a spokesperson JPMorgan didn’t immediately respond to a request for comment.

United Group is a telecom and media provider operating in southeast Europe. BC Partners acquired a majority stake in the company in 2019 from KKR & Co., which retains a small holding.

The business in Croatia operates as Telemach Croatia, a mobile and fixed broadband service provider, following United Group’s acquisition of Tele2 Croatia.

Bloomberg News reported in 2024 that BC Partners was exploring a sale of all of United Group. But potential suitors only showed interest in certain markets and the buyout firm eventually called off the sale.