Emirates Telecommunications Group Co. is reportedly considering a possible takeover of United Group BV (parent company of Greece’s Nova), as its plans include further expansion outside its local market, sources with knowledge of the process said, Bloomberg reports.

E&, as Abu Dhabi’s telecommunications group is known, is in the process of evaluating a possible takeover of United Group, the same sources said, speaking on condition of anonymity. United Group is controlled by BC Partners, headed by Nikos Stathopoulos.

BC Partners, which is working with advisers to explore the possibility of selling United Group, may value the company at around 8 billion euros. The official sale process is very likely to start next month, according to the same sources. Negotiations are at a very early stage and it is open to the possibility that the company could be sold in parts to various buyers. In any case, as negotiations continue, it is not certain that they will reach an agreement. A spokesperson for BC Partners declined to comment, while a spokesperson for E& said that as the company is publicly traded, it keeps the market informed of any developments, but “at this stage” there is no offer for United Group, Bloomberg reports.

It is noted that the United Group, apart from Greece, also has activities in Bulgaria, Serbia, Slovenia, Croatia, Bosnia-Herzegovina and Montenegro.

Last year, E& agreed to acquire a majority stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia. It also controls a significant stake in London-listed Vodafone Group Plc.

BC Partners acquired United Group in 2019 from the fund KKR & Co.

What Nikos Stathopoulos said at the Delphi Economic Forum

The head of BC Partners speaking at the Delphi Economic Forum (held 10/4 – 15/4) referred to the sale of United Group. As he said, Non Disclosure Agreements (NDA) had been sent to 30 prospective investors, while he added that there is a possibility that the companies of the United Group could be sold individually and not as a single group.