Saudi Arabia’s STC Group is reportedly considering a bid for European telecoms and pay-TV group United Group, parent of Nova, as Reuters reports in an exclusive report citing three sources with knowledge of the process.

The British group BC Partners, which acquired United Group in 2019 from the KKR fund, works with advisers for the sale of the telecommunications group which is expected to begin in the coming weeks, two sources said, Reuters notes.

The potential deal would likely value United Group around 8 billion eurosincluding debt, one of the sources said.

Other sources, who asked to remain anonymous as the matter is confidential, stressed that the deal is not certain and may not be completed.

As reported by Reuters, representatives of STC and BC Partners declined to comment.

If STC Group goes ahead with the United acquisition deal, then its presence in the European telecommunications market will be further strengthened. Last year, Saudi Arabia’s largest telecommunications group announced it had acquired a 4.9% stake in Spain’s Telefonica, with the option to further increase it to 10%. In addition, STC’s subsidiary TAWAL last year acquired telecommunication towers of United Group in Bulgaria, Croatia and Slovenia.

In addition, two sources told Reuters that the BC Partners looks at different ways to maximize the value of the salehaving on the table even the possibility of separation based on areas of activity.

The United Group sale has also attracted the attention of infrastructure funds interested in making country-specific proposals, including Greece, Croatia and Slovenia, said one of the sources.

Abu Dhabi’s Enirates Telecommunications said in April it was looking at “relevant market opportunities” but was not in talks let alone a deal to buy United Group.

United Group’s revenue and EBITDA (after leases) last year rose by 7% to €2.7bn and €988m respectively.