- Tawal’s investment in TowerCo is its first in the European telecoms sector
- BC Partners invested in United Group in 2019
- BC Partners, based in London, is an investment firm focused on private equity, credit, and real estate
United Group, backed by BC Partners, has agreed to sell 100 percent of TowerCo to Tawal.
TowerCo is United Group’s mobile tower infrastructure unit in Bulgaria, Croatia, and Slovenia.
The transaction values TowerCo at €1.22 billion on a cash-free and debt-free basis, payable in cash, which represents an EV / 2022 EBITDAal (pre IFRS 16) multiple of 20.1x, according to a release.
Tawal’s investment in TowerCo is its first in the European telecoms sector.
“The sale of United Group’s TowerCo business represents a key milestone in United Group’s journey of growth and expansion,” said Nikos Stathopoulos, chairman, Europe at BC Partners, and chairman of United Group. “It allows United Group to focus on continued investment in its telecom and media services and Infrastructure.”
BC Partners invested in United Group in 2019.
The transaction is expected to be completed during the second half of 2023, subject to regulatory approval.
United Group is a multi-play telecoms and media company in Southeast Europe. The company is based in Hoofddorp, the Netherlands.
Tawal, a subsidiary of stc Group, is an integrated ICT infrastructure provider in the MENA region and is based in Riyadh, Saudi Arabia.
BC Partners, based in London, is an investment firm focused on private equity, credit, and real estate.
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