Liberty Global’s Belgium subsidiary, Telenet, has announced its acquisition of the remaining shares of Eltrona, a telecommunications company based in Luxembourg. Through this transaction, Telenet will take full ownership of a telecom company outside of Belgium for the first time.
At the end of September 2022, Eltrona had around 50,000 unique customer relationships, serving approximately 46,000 cable and/or IPTV subscribers, around 16,000 broadband internet RGUs, approximately 8,000 fixed-line telephony subscribers and around 2,000 mobile SIMs. Telenet is now the sole shareholder of the business.
The transaction is expected to be finalized in the next few weeks and the parties are working towards completion by early January.
John Porter, CEO of Telenet 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 “.
Karl Abelshausen, currently VP Finance M&A, Integration & Tax at Telenet, will be appointed as the interim CEO as soon as the acquisition has been completed. Abelshausen was previously the Chief Financial Officer at Eltrona until the end of 2021, and has been a member of the Board since July 2021. The next few months will be spent defining the company’s new strategy and wider ambitions.
Read the full release here.