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3 Jan 2023
Telenet Acquires A Luxembourg-Based Telecommunications Company Eltrona
Belgian telecom company Telenet has just announced the acquisition of Luxembourgian telco Eltrona, taking full control of the company. This move marks a major milestone for Telenet, solidifying its position as a major telecommunications provider across Europe.
It's the first time the company has acquired a business in another country after purchasing a majority of shares it did not already own in the company.
Following Telenet's acquisition of Coditel Luxembourg in 2017, SFR-Coditel's activities were merged with Eltrona's in April 2020, with the shareholders of Eltrona taking up 50%+1 shares in the new entity and Telenet taking the remaining 49%.
Nevertheless, Telenet stepped up its shareholding after Eltrona's founding shareholders decided to divest their shares. As a result, Eltrona Security Systems S.A. will be acquired by members of the Denzle family, including Eltrona's CEO Paul Denzle. Telenet will become the company's sole shareholder.
The transaction has not been disclosed financially, but it is expected to close in the next few weeks, with Eltrona's operations and finances to be consolidated within Telenet's in January 2023.
Telenet CEO John Porter said, "This acquisition unlocks new opportunities for Telenet and Eltrona. It allows Telenet 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."
Eltrona is a trusted provider of high-speed broadband, mobile services, and digital entertainment. The acquisition will enable Telenet to expand its network coverage and offer more competitive products and services to customers in Luxembourg and across Europe.
The deal furthers Telenet's ambition to become a pan-European communications provider with a strong presence in Belgium, the Netherlands, and Luxembourg. This follows Telenet's recent purchase of M7 Group, a Dutch pay-TV operator, earlier this year.
The combination of Eltrona and Telenet will create a powerful force in the telecoms sector, giving customers access to better-quality products and services at lower prices. In addition, the enlarged Telenet will be able to develop innovative new services that take advantage of the combined customer base.
"This is an important milestone for Telenet, allowing us to expand our footprint across Europe. We are confident that this deal will benefit customers in Luxembourg and beyond, providing them with access to high-quality services at competitive prices." John Porter added
The acquisition marks another chapter in the history of Telenet as it continues its mission to become a leading European telecommunications provider. With the addition of Eltrona, Telenet is now well-positioned to provide even more value to its customers in Luxembourg and across the continent.
Also Read: Spark Claims to Be the First New Zealand Telecom to Have Its End-to-End 5G Standalone Network in Full Swing.
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