BC Partners is preparing a disposal of United Group BV’s Croatian business, as a first step in a broader plan to revive the sale of the telecom operator, people with knowledge of the matter said, Bloomberg reports.

The buyout firm is working with JPMorgan Chase & Co. and has started to gauge investor interest in the asset, which could fetch about €700 million ($784 million) based on earnings of €100 million, according to the people.

United Group runs telecom and media services across southeast Europe. In Croatia it operates as Telemach Croatia, offering mobile and fixed broadband following United Group's purchase of Tele2 Croatia.

BC Partners bought a majority stake in United Group in 2019 from KKR & Co., which still holds a small stake. In 2024, Bloomberg News reported the firm weighed selling the entire company, but bidders zeroed in on select markets and the plan was ultimately shelved. Discussions are still fluid, and BC Partners could opt to keep the Croatian asset for longer.

For your money, the outcome here is a live read on how buyers value cash-generating telecom networks in smaller European markets. A strong price would hint at healthy appetite for carve outs in the region, while a pause would signal a market still picking its spots.