United Group - comment

United has acquired the mobile towers (148) and fibre network of Bulsatcom (3rd largest fixed telecom services provider in Bulgaria). The acquisition will add heft to the United's towers business, which is for sale. United also said it is separating its fibre assets into a separate vehicle which it intends to partially monetise. The immediate driver is the need for cash for network expansion in Greece and Croatia, however, it also raises whether United sees its future as a network or a content provider. We will update you after today’s call.