Saudi Telecom is in the early stages of preparing to make a bid for United Group's operations.

According to sources close to the discussions cited by Reuters, BC Partners is working with advisers to ensure the sale can begin in the coming weeks. Saudi Telecom, for its part, is said to be in the early stages of interest and discussions, which may not be fruitful.

It will be recalled that BC Partners acquired communications group United Group in 2019, and this year, at the end of February, it became known that it was interested in selling its entire business. Circles of the management of the private equity fund and banking sources said at the time that only if this plan does not come to fruition will the sale of individual assets of the company, such as Nova in Greece, be considered, as MR.

Saudi Telecom's proposed deal could put the value of United Group at around €8 billion, including its debt.

However, if the deal with BC Partners does go ahead, Saudi Telecom will expand further into the European communications sector. Last year, it acquired a 4.9% stake in Spain's Telefonica, with the potential to increase its stake to almost 10%. Also, its subsidiary TAWAL acquired United Group's telecom infrastructure in Bulgaria, Croatia, and Slovenia.

According to Reuters, BC Partners, for its part, is looking for ways to increase the value of the deal, including by splitting the sale into operations in different regions. The sale has also attracted interest from funds interested in acquisitions in specific regions, such as Greece, Croatia, and Slovenia.