Alpac Capital to acquire ANN media – Agreement reached with United Group

International investment group Alpac Capital and Summer Parent S.a r.l, the ultimate shareholder of United Group, have confirmed that an agreement has been reached on the sale of Adria News S.a r.l.

Alpac Capital has long-standing and significant experience in managing media and news companies at an international level, including majority ownership of one of the world’s largest networks, Euronews, which reaches more than 1.5 billion people in more than 160 countries and broadcasts in 19 languages.

– This acquisition provides ANN with a strong platform and an owner aligned with its editorial principles, ensuring the long-term independence of these important media. Alpac Capital is committed to promoting neutral and fact-based journalism, which respects the highest editorial standards, as confirmed by its ownership of Euronews – the statement says.

United Group is a leading telecommunications and media operator in Southeastern Europe, majority-owned by global investment firm BC Partners. In February 2026, United Group consolidated its news media operations in Bosnia and Herzegovina, Croatia, Montenegro, Serbia and Slovenia under a single independent brand, Adria News Network (“ANN”).

ANN’s brands, including N1, Nova S, Vijesti and Danas, provide multimedia news content to a combined audience of more than 16 million people and employ more than 1,000 journalists and other employees. The governance model introduced at the same time was assessed as the most effective way to protect editorial independence while ensuring stability, transparency and resilience of the business, in line with the commitments made by BC Partners and United Group management during 2025, the statement says. Adria News Network operates under licenses issued within the European Union, which include guarantees of editorial independence, the statement reminds.

After the formation of ANN, United Group received several offers from parties interested in acquiring these media. As it is added, Alpac Capital was selected because it offered the highest value while simultaneously fulfilling the principles of governance and independence set from the very beginning. The share purchase agreement, as it is added, includes contractual protection mechanisms that preserve ANN's editorial and functional independence, a clear separation of editorial and commercial interests, as well as the preservation of an independent external advisory body.

United Group, it was noted, remains focused on implementing its strategy in key markets of the European Union, enhancing the growth of its telecommunications and media businesses and creating long-term value for all stakeholders. The strong results in the first quarter further confirm the continued growth and value creation of the group.

A United Group spokesperson stated that this transaction represents the achievement of a clear goal that the group set during 2025 - ensuring the long-term independence of news media outlets. Upon completion of the transaction, United Group will fully focus on creating value for all stakeholders through its telecommunications, media and technology activities in European markets, it is emphasized.

A spokesperson for Alpac Capital indicated that ANN represents an important addition to the media portfolio in which they will continue to invest in order to ensure growth and development.

– At Alpac, we believe in neutral and fact-based, independent journalism, with stable and sustainable business and financial results. These are not empty words - this is confirmed daily by the work of our journalists, as well as by the recognition of independent and credible organizations in the market. We are also proud of our open European orientation and are aware of the importance of the enlargement of the European Union to the Western Balkans. This commitment will be reflected in the editorial values and long-term direction of ANN's development. Alpac is fully aware of the significance of this transaction and believes that it will represent a very positive contribution to the countries in which it additionally invests – Alpac emphasized.

These transactions are subject to standard regulatory approvals and are expected to be completed during the second half of 2026.

UNITED GROUP RS D.O.O. BEOGRAD

United Grupa BROADBAND INVESTMENT S.à r.l.

Alpac Capital

Summer Parent S a r l

United Group

Adria News S a r l

Euronews

N1

Nova

sale of Adria News