Telekom Srbija Acquires NetTV Plus, DTH, and Broadcasting Rights for Sport Klub in the Western Balkans

Telekom Srbija Group ("Telekom Srbija") announced that it has agreed to acquire a 100% stake in Eon TV International Ltd (the holding company of NetTV Plus), direct-to-home (DTH) operations under EoNSat and Total TV in Serbia and North Macedonia, as well as specific rights, licenses, and other assets related to Sport Klub channels for the Western Balkans (Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia), either directly or indirectly, from United Group B.V. ("United Group") for a total consideration of €652 million, excluding cash and debt.

According to the company, the acquisition is expected to generate significant synergies, increase revenue, and reduce costs.

"These transactions align with Telekom Srbija's strategy to establish itself as the leading telecommunications company in the Western Balkans, with projected revenues reaching €3 billion by 2030. Following the successful issuance of eurobonds in 2024, amounting to $900 million, today’s acquisition of United Group's assets will further strengthen Telekom Srbija’s position in the region and among the diaspora of the former Yugoslavia," the statement read.

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The transactions are not expected to increase Telekom Srbija’s current debt levels. The deal is subject to regulatory approvals and is expected to be completed in the first half of 2025.

Vladimir Lucic, CEO of Telekom Srbija, stated that as the leading telecommunications group in the Western Balkans, the company looks forward to strengthening its DTH and internet TV (IPTV/OTT) offerings for the diaspora market of the former Yugoslavia.

"We are also expanding the variety of sports content available to an even wider audience in the Western Balkans. From now on, our subscribers will be able to enjoy both Arena Sport and Sport Klub channels," said Lucic.

Lazard served as Telekom Srbija’s financial advisor. Clifford Chance LLP and Gecic Law were Telekom Srbija’s legal advisors, while Kirkland & Ellis LLP served as United Group’s legal advisor.

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