United Group, the leading telecoms and media operator in Southeast Europe majority owned by BC Partners, announces that its Greek subsidiary Nova has signed an agreement to sell its 50% shareholding in Nova ICT to IREON Technologies, a member of the Motor Oil Group.

The transaction continues United Group’s programme of concentrating capital and management attention on its core telecoms and media businesses. Nova ICT, a systems integration and digital solutions business, was established in 2023 with initial share capital of €1 million. As part of the transaction, its net equity value was assessed at €121 million, reflecting the growth the business has achieved in three years under the leadership of CEO Alexandros Bregiannis, including complex projects in healthcare, civil protection, defence, infrastructure and utilities, and a growing portfolio of EU-funded work.

The transaction has no impact on the group’s leverage metrics, and the consideration received represents incremental cash proceeds to the group.

For Nova, the sale allows full focus on its strategy of providing affordable, high-quality connectivity and content to Greek households and businesses, on building stable, recurring revenue streams, and on continued investment in next-generation networks including 5G.

Nova and Nova ICT will maintain their commercial partnership after completion and will continue to work together on large-scale digital transformation projects.

Stan Miller, CEO of United Group, said: “We allocate capital with discipline, and that means knowing when to invest and when to realise value. Nova ICT was built into one of the leading digital solutions businesses in Greece, and this transaction crystallises that value at the right moment for both companies. Alexandros and his team have done an outstanding job, and the commercial partnership between Nova and Nova ICT will continue.”

Nikos Stathopoulos, Chairman, Europe, BC Partners, said: “In three years Nova ICT has grown from an initial share capital of €1 million to an equity value of €121 million, and the group is realising that value while keeping its focus on market-leading telecoms and media businesses in its core European markets. It shows the strength of the model: strong local management teams building businesses of real value, and a group that knows how to back them and when to monetise them.”