Funds advised by international investment firm BC Partners said Thursday that BC Partners has agreed to acquire majority ownership of United Group B.V. from global investment firm KKR & Co. Inc. ( KKR ). Financial terms of the transaction were not disclosed.

KKR will retain a substantial minority stake. Since its investment in 2014, KKR has supported United Group to build the company.

United Group is a media and communication services provider across South East Europe. Over the past 18 years the Group has expanded its presence through both organic growth and acquisitions, now employing over 3.400 staff and providing services to over 1.8 million homes.

Nikos Stathopoulos, Partner at BC Partners said, "We are delighted to partner with United Group's management team and KKR to support the company's next phase of growth. United Group is a high-quality asset, with defensive growth characteristics, leading infrastructure, differentiated content and loyal customers."

A Reuters report cited the Wall Street Journal as saying the deal would value United Group at about 2.6 billion euros, including debt, according to sources.

United Group is the largest cable company in Serbia. It operates also in Bosnia, Montenegro and Slovenia, counting among its assets SBB, Telemach, Total TV, Sport Klub and regional N1 TV. It also controls CNN-affiliated N1 TV and Nova TV Croatia and recently acquired Pink’s FTA channels in Bosnia and Montenegro.