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United Group agrees to buy Bulgaria's Nova Broadcasting group

·1-min read

SOFIA (Reuters) - Balkan telecoms and media company United Group, owned by private equity firm BC Partners, said late on Thursday it agreed to acquire Bulgaria's largest multi-platform media company Nova Broadcasting Group from Advance Media Group.

United Group, which acquired Bulgaria's leading telecoms operator Vivacom earlier this year, did not disclose a price for Nova, which owns 10 TV channels, including national NOVA TV, and the country's largest online platform, Net Info.

Local media estimated the deal at about 300 million euros ($365.43 million).

"The transaction is expected to close early next year and is subject to customary regulatory approvals," United Group said in a statement.

In 2019, Advance Media Group, owned by two brothers, Bulgarian businessmen Kiril Domuschiev and Georgi Domuschiev, acquired Nova from Swedish entertainment company MTG for 185 million euros. In October, Nova bought three local TV channels and four radio stations.

($1 = 0.8210 euros)

(Reporting by Tsvetelia Tsolova; Editing by Dan Grebler)