Telenet expands in Luxembourg, acquires Eltrona
Telenet takes over the activities of the Luxembourg telecom company Eltrona. It is the first company outside Belgium to be completely under the control of Telenet.
By means of a press release, Telenet announces that it has reached an agreement with Eltrona to take over the activities. With this transaction, Telenet will get full control of its Luxembourg sector partner. In early January, the transaction should be completely in jugs and jars. Telenet does not disclose financial details.
Telenet has been active in Luxembourg since 2017 following the acquisition of SFR-Coditel. The subsidiary merged with Eltrona in 2020. That joint venture was neatly divided 50-50 between both parties. The Luxembourg shareholders are now withdrawing completely from the company, giving Telenet full custody.
This puts Telenet in a new situation for them. Eltrona is the first foreign company to be wholly owned by Telenet.
“This transaction represents a new challenge for Telenet. This gives us the opportunity to evolve into a broader market,” says CEO John Porter. The telecom provider thus becomes one of the larger telecom players in the Grand Duchy in one fell swoop.
Eltrona had 46,000 fixed television subscribers, 16,000 internet customers, 8,000 fixed telephone customers and 2,000 mobile subscribers as of September 30. The Eltrona brand name will be retained. The Luxembourg company will get a new CEO; Paul Denzle also announces his departure with the announcement of the acquisition. Telenet will soon appoint a successor.