Eltrona acquires SFR-Coditel’s Luxembourg business from Telenet

26 Feb 2020

Luxembourg cable operator Eltrona has acquired the Luxembourg operations of SFR-Coditel from Telenet group via a merger. The deal, which will see new shares issued to Telenet, will result in Eltrona holding 50% plus one share and Telenet the remaining stake in the new joint venture. The merger is set to be finalised within the next few weeks and the parties are working to ensure that the new company can begin operating in early April, when the SFR brand will disappear in Luxembourg and be replaced by Eltrona. The companies claim customers will benefit from ‘a new, extensive, homogeneous, and unique range of communications services, covering the whole of the country’. Telenet acquired a majority stake in SFR-Coditel Luxembourg and its sister company SFR Belgium from Altice Group in 2017 for EUR400 million (USD434 million). Post Luxembourg, a shareholder in Eltrona since 1998, has decided to dispose of its 34% holding to Telenet.

Eltrona CEO Paul Denzle commented: ‘This merger enables Eltrona to consolidate its position in Luxembourg, making it more competitive on the Grand Duchy’s telecommunications market. The pooling of resources and the expertise of Telenet and Eltrona will allow Eltrona to develop its range of products and services, while meeting the needs of the Luxembourg market in the best possible way.’ John Porter, CEO of Telenet. added: ‘This strategic partnership is the ideal solution, for both Telenet and Eltrona. Both parties possess complementary skills and we believe that combining them will enable us to offer an attractive grouped range of telecommunications products and services (television, internet, mobile telephony) in a Luxembourg market that is constantly developing.’