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STC weighs bid for Dutch telecom operator

A successful bid for United Group will help Saudi Arabia's STC expand across the European telecoms sector Reuters/Faisal Al Nasser
A successful bid for United Group will help Saudi Arabia's STC expand across the European telecoms sector

Saudi telecoms conglomerate STC Group has initiated talks to buy the Dutch telecom and pay-TV operator United Group.

British private equity firm BC Partners has enlisted advisors to start the sale of United Group, Reuters reported, quoting unnamed sources.

STC has begun early discussions regarding a potential transaction, the report added.

A possible deal may value United Group at €8 billion ($8.7 billion), including debt.

A successful STC bid will help the Saudi-listed company to expand across the European telecoms sector.

STC in September last year acquired a 9.9 percent stake in Spain’s Telefonica for SAR8.5 billion ($2.25 billion) as part of its global expansion drive.  

Tawal, a subsidiary of STC, in August 2023 completed the acquisition of three United Group tower companies in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion).

Last month, the UAE’s e& ruled out a buyout of United Group after a media report disclosed its possible bid.

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