• United Group will combine Wind and Nova to create a converged operator that is the Greek market’s second-largest provider in both fixed and pay-TV services
• United Group to invest at least another €1.3 billion in Greece over the next five years
• Wind Hellas CEO Nassos Zarkalis to step down with immediate effect and will be succeeded by CFO Haris Kyriakopoulos as CEO

United Group, the leading provider of telecommunications and media services in Southeast Europe, announced on Wednesday that it has completed its acquisition of Greek telecoms operator Wind Hellas.

United Group will combine Wind with Nova to create a converged operator with a strong foothold in Greek households that will be the market’s number two player in both fixed and pay-TV services.

Underlining the importance of Greece to United Group, the Dutch-based company will invest at least a further €1.3 billion in the country over the next five years, focusing on priorities such as expanding its fibre optic network, rollout of 5G, and pay TV.

To date, United Group – whose next-generation fibre network is the region’s largest – has invested €1.2 billion in the Greek market. This is among the biggest investments made in Greece in recent years.

Milestone deal

“The Wind Hellas acquisition is a significant milestone for United Group and the Greek telecommunications market. We’re taking a fresh step in our commitment to bringing Greek consumers a complete assortment of the very best products and services that our industry has to offer,” said United Group Chief Executive Victoriya Boklag.

“The digitalisation and fiberisation of Greece is now in the making. Through the investments we are making and by applying our considerable expertise from across eight markets, we will play a key role on both fronts, delivering amazing products and the best customer experience to Greek consumers and businesses,” Boklag added.

Wind Hellas leadership change

United Group said that Wind Hellas CEO Nassos Zarkalis will step down with immediate effect. The United Group Executive Board thanks Zarkalis for his leadership over more than a decade and for guiding the transformation of Wind Hellas into a dynamic business that delivers a top customer experience. Zarkalis will stay on as Advisor to the Management Board for three months to assist during the transition period.

CFO Haris Kyriakopoulos has been appointed to succeed Zarkalis as CEO. He will be responsible for ensuring Wind Hellas continues to deliver on its commercial and operational performance, while also helping to plan the upcoming combination with Nova.

United Group added that developing detailed integration plans is now the priority for Group management and local company management teams.

United Group entered the Greek market in 2020 with the acquisition of Nova, the company that introduced pay TV and internet to Greece. Since then it has taken a number of significant steps to strengthen its presence in the local market, among them being the rebranding of the business and the introduction of EON TV, the region’s most popular television platform.

Its latest step, the acquisition of Wind Hellas, adds another 3.4 million Revenue Generating Units (RGUs*) to United Group, bringing the Group’s total to 15.2 million RGUs, including 4.7 million in Greece.

*A revenue generating unit (RGU) is an individual service subscriber who generates recurring revenue for a company.