United Group has completed the sale of its fixed and broadcast units in Serbia for a combined enterprise value of €1.5 billion ($1.65bn).

In an announcement last week, the company confirmed that it has sold SBB doo Belgrade to e& PPF Telecom Group BV for €825m ($905m).

The company also confirmed the sale of Eon TV International Ltd (the holding company of the NetTV Plus business) plus its sports broadcasting rights for the Western Balkans (Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia) to Telekom Srbija a.d. Beograd (TS).

United Group had previously announced the agreements in February.

According to United Group, it will continue to own and operate its key media outlets in Serbia, including N1 and Nova S. These channels will remain available on SBB’s fixed network and will also be offered to Yettel customers.

"These divestments mark a significant milestone in the Group strategy to streamline operations and sharpen its focus on EU markets," said United Group.

In February, United Group noted that upon the completion of the deals, it will have finalized its strategic objective of exiting and successfully monetizing its non-EU telco assets.

It was reported last year that Saudi Telecom Company (STC) was interested in a possible takeover of United Group.

On the telecoms side, United Group operates Serbia Broadband in Serbia; Telemach in Bosnia and Herzegovina, Croatia, Montenegro, and Slovenia; Nova in Greece; and Vivacom in Bulgaria.

Notable investors in the company include founder Dragan Šolak, BC Partners, and KKR.

PPF Group sold 50 percent plus one share in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia, and Slovakia to UAE-based e&, formerly Etisalat, in October in a deal worth €2.15bn ($2.36bn).