United Group announces new investments in Serbia

United Group announces new investments in Serbia

The United Group, a leading multi-play operator in South Eastern Europe, announced new investments aimed at improving the quality of digital services in Serbia.

United Group said it would invest an additional 293 million Euro over the next five years, following investments of 264 million Euro since 2014.

United Group is majority owned by funds advised by leading global investment firm KKR since 2014, and is backed by the European Bank for Reconstruction and Development (“EBRD”) as a minority shareholder since 2004.

“Since KKR’s acquisition of United Group in 2014, we have already invested €264 million in Serbia. KKR’s commitment of an additional €293 million over the next five years is a vote of confidence in Serbia’s potential and the progress it is achieving towards economic reform and EU legal standards. We thank President Vucic for his continued leadership in ensuring that international investors are welcomed in Serbia,” Member and Head of KKR EMEA Johannes Huth said.

“This increased investment will enhance United Group’s delivery of high quality digital services in Serbia. Modern, high-speed telecommunications is essential to economic growth in the country, and we are proud to continue to invest in critical infrastructure for Serbians,” Vice President of Corporate Affairs at United Group Dragica Pilipovic Chaffey said.

United Group has a strong presence and reputation in Serbia for providing critical digital infrastructure, best-in-class connectivity and premium content, with approximately 2.9 million Serbian residents currently benefiting from the company’s services, including in rural areas using satellite TV service. United Group has built or leased approximately 15,800 km of modern, high-speed fibre, a critical enabler for businesses in Serbia, as well as providing a new cloud service that allows SMEs to benefit from cloud infrastructure in a cost-effective way.

With 1881 employees in Serbia, the company also supports the arts community through production of local television programs and films. United Group’s internet platform allows viewers around the world to view Serb TV programming. United Group also supports extensive social benefit and environmental protection programs through the SBB Foundation.

According to the latest European Economic Forecast, the economic fundamentals and underlying growth trends for Serbia remain robust, with private and government investment both set to accelerate.