Blue Sea Capital (“BSC”) is pleased to announce that, in co-operation with prominent Serbian entrepreneur and investor Andrej Jovanović’s family office (BSC long standing LP), it has agreed to co-invest alongside Actis in the acquisition of the macro tower portfolio of Telekom Srbija. A leading telecommunications operator in the CEE region, Telekom Srbija operates across Serbia, Bosnia & Herzegovina and Montenegro. The carved-out portfolio is comprised of approximately 1.8k macro towers (of which c. 1.0k in Serbia, c.0.7k in Bosnia & Herzegovina, c. 0.1k in Montenegro) and is well placed for further commercialisation and expansion.

To support this transaction, Actis has arranged a group of top-class institutional investors, and regional co-investors.

The Towers market in CEE and the Western Balkans region is forecast to expand significantly over the coming years, driven by the increasing consumer demand for mobile data, the rollout of new technologies such as 5G and 6G as well as changing mobile capacity and coverage requirements. Independent tower companies have a significant role to play in efficiently investing in, improving, and mutualising passive infrastructure to support mobile growth and overall developments of local economies.

Saša Galić, Managing Partner of Blue Sea Capital, commented: “We are excited to be part of this transaction and we are looking forward working with Actis and other co-investors. We believe that the unique tower portfolio and Actis’ infrastructure expertise create an ideal platform to achieve attractive growth and the opportunity to elevate the company to the next level. Given current market circumstances, this transaction is an excellent achievement by the Actis team.”

Blue Sea Capital was advised by PWC Legal and Van Campen Liem.

Blue Sea Capital is an independent investor in private equity through its fund or co-investments with offices in Belgrade and Zagreb. Blue Sea Capital invests in majority, or co-invests in minority stakes along with other financial investors. Blue Sea Capital combines regional presence and the investment expertise of its team obtained in both international and local settings.