United Group, the leading provider of telecommunications services and media in Southeast Europe, announced on Monday it has reached an agreement with Crystal Almond Holdings Limited to acquire Greek telecoms operator Wind Hellas, one of the country’s three mobile operators.

Wind has a total of 4.2 million users and offers mobile,fixed, internet, and television services. Wind-Hellas generates revenues in excess of €500 million annually.

The transaction will enable United Group to combine Wind with its existing Greek pay-TV provider Nova to create a strong converged operator that will be the number two player in both broadband internet and television services.

In an attractive market, with significant potential for growth, the Wind-Nova combination will be better able to deliver converged offers, new technologies, and superior service, increasing value to Greek consumers.

Nikos Stathopoulos, Partner at BC Partners and Chairman of United Group said: “Acquiring and integrating strong local telecom and media businesses onto our platform is a core part of United Group’s European growth strategy. Greece is a key market for us and with the acquisition of Wind, we are able to create a leading converged operator and contribute to the development of Greece’s telecoms sector through investments in network infrastructure, content, technology, and innovative products and services and be a leading force in the digitalisation of the country.”

United Group CEO Victoriya Boklag said: “This deal confirms United Group’s long-term commitment to the Greek market. Wind, with its strong mobile business, has an amazing fit with the media and the fixed-line expertise of Nova and United Group. In Wind, we are buying a successful business that will enable us to strengthen our presence and offering to customers across Greece.”

The transaction is subject to customary regulatory approvals and is expected to be completed in 2022.

Dutch-based United Group is the leading telecommunications and media operator in Southeast Europe. Active in eight countries, the company has approximately 11 million users and nearly 14,500 employees. It generates approximately €2.0 billion in annual revenues. United Group has the widest network coverage in the region and offers users the most attractive selection of TV content from around the world. Significant investments in digital infrastructure, content and technology ensure the excellence of the products and services it provides to customers. United Group has been majority owned by BC Partners, one of the largest global investment companies, since March 2019.