Belgian full-service provider Telenet has announced its acquisition of the remaining shares in Luxembourg-based Eltrona from the company’s founding shareholders for an undisclosed sum. In a press release issued late last month, Telenet said the transaction – the first time the operator has taken full ownership of a company outside Belgium – was being finalised and could be completed by early January.
Following Telenet’s acquisition of Coditel Luxembourg (SFR-Coditel) in 2017, SFR-Coditel’s activities were merged with cable operator Eltrona in April 2020. This transaction resulted in Eltrona’s founding shareholders obtaining 50% plus one of the shares and Telenet 50% minus one of the shares of the merged entity. The merged entity has continued to develop its activities under the Eltrona brand over the past two years and claimed around 50,000 unique customer relationships at the end of September 2022, including approximately 46,000 cable and/or IPTV subscriptions, some 16,000 fixed broadband RGUs, approximately 8,000 fixed voice subscriptions and around 2,000 mobile accounts.
Commenting on the deal, Telenet CEO John Porter said: ‘This acquisition unlocks new opportunities for both Telenet and Eltrona. It offers Telenet the opportunity to evolve as a telecommunications operator in a broader market. At the same time, Eltrona will benefit from Telenet’s success and reputation in Belgium. By becoming the sole owner of Eltrona, I believe Telenet will be even better able to deliver the growth perspectives it deserves for the future in the competitive and evolving Luxembourg market and to make it the number one brand in terms of customer experience.’
Source: https://www.commsupdate.com/articles/2023/01/03/telenet-acquires-luxembourgs-eltrona/