Project Media



Project number:


Business sector:

Information and Communication Technologies

Notice type:


Environmental category:


Approval date:

26 Nov 2013



PSD disclosed:

07 Feb 2014

Project Description

The EBRD has co-invested alongside KKR in the acquisition of a majority stake in the SBB/Telemach group, a leading regional Pay-TV platform and telecommunication provider with operations in Serbia, Slovenia, BiH, Montenegro, Croatia and Macedonia. The closing of the transaction is subject to regulatory approvals.

Transition Impact

The transaction will increase competition in the telecom sector and support the expansion of a regional telecom and media player that has demonstrated the use of best practice across various markets and geographies. The Group will focus on offering a diversified range of services of better quality at attractive prices in markets essentially dominated by incumbent operators.

The project is also expected to foster interest of other large global buy-out firms in Eastern European companies.

The Client

KKR & Co. L.P. (formerly known as Kohlberg Kravis Roberts & Co.) is an American multinational private equity firm, specializing in leveraged buyouts, headquartered in New York. The firm sponsors and manages private equity investment funds. Since its inception, the firm has completed over US$ 400 billion of private equity transactions and was a pioneer in the leveraged buyout industry.

EBRD Finance

Up to €50 million.

Project Cost

Up to €1 billion.

Environmental Impact

Categorised B:  The project was categorised B by the EBRD, which means that an environmental and social analysis was required by the Bank, in accordance with the 2008 Environmental and Social Policy and Performance Requirements:

The project is unlikely to be associated with significant environmental and social risks. The Bank has exposure to the Group through the existing projects, and its environmental and social reporting to date has been satisfactory.  The project is required to be implemented in line with applicable Performance Requirements and national law. The client will submit an annual environmental and social report to the Bank.

Technical Cooperation


Company Contact

Operation Leader: Laure Blanchard-Brunac,


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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