Central Europe’s richest family is considering the purchase of United Group
Investment firm PPF Group, owned by Central Europe’s richest family, the Kellners, is looking for additional acquisitions in its portfolio, potentially including some of United Group’s assets in Southeast Europe and other telecommunications firms, its chief executive Jiri Smejc told Reuters.
Billionaire investor Smejc took over management of PPF in 2022 on behalf of the family of his long-time business partner Petr Kellner after his death in a skiing accident.
Since then, he has led the shift from Russia and Asia to Western markets, taking stakes in several companies, including the German TV group “ProsiebenSat.1”.
Smejc said in an interview that PPF, which has assets of 44 billion euros, will look for growth in telecommunications and other key areas, including media, financial services and e-commerce.
“We’re trying to focus on the bigger businesses we have, and the investments we’re looking for are concentrated in those areas,” he said, emphasizing the importance of industry knowledge and experience.
Although PPF has been hit by the Covid-19 pandemic, the war in Ukraine and regulatory changes in China, it has restructured its investments and increased profits faster than expected, Smejc said.
Smejc sold half of PPF’s telecommunications business in Central and Eastern Europe plus one share to UAE-based e& for €2.15 billion in a deal closed last month, creating e& PPF Telecom Group.
Within the group are Telemach, SBB, N1, Nova and Sport klub
He said he is now looking at specific acquisitions, including potentially telecom and pay-TV operator United Group.
Reuters reported in June that Saudi STC Group was considering a bid for United Group, which is majority-owned by BC Partners.
A source familiar with the matter told Reuters that United Group’s telecommunications assets in Southeast Europe have been put up for potential sale.
“There are certainly assets there that fit well with the topology of our business in this part of Europe,” Smejc said of the possible deal.
As part of the United Group, cable operators Telemach and SBB operate in the region, as well as television channels and portals N1, Nova and Sport Club.
Source: Capital
Photo: Pixabay, screenshot
Source: bizlife.rs
