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
None.
Company Contact
Operation Leader: Laure Blanchard-Brunac, blanchal@ebrd.com
Business opportunities
For business opportunities or procurement, contact the client company.
For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
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
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.
