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.
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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.