The Luxembourg merger involving the integration of the activities of SFR-Coditel, which has been owned until now by Telenet SRL/BV, a subsidiary of Belgian cable operator Telenet Group Holding, with those of Eltrona, has been formally concluded.
Telenet said that the merger confirmed the strategic partnership between Eltrona’s and Telenet’s shareholders.
The agreement between Telenet and Eltrona’s shareholders, which was concluded in February, will see Eltrona take over SFR-Coditel, Telenet’s existing operation in the Grand Duchy, through a merger, accompanied by the issue of new shares to Telenet. Luxembourg incumbent operator Post Luxembourg will meanwhile sell its 34% stake in Eltrona to Telenet, giving the Belgian operator a 50% minus one share stake in the combined operation. Eltrona’s other existing sharehodlers will retain the majority.
The agreement gives Eltrona national scale within Luxembourg.
Telenet took over SFR-Coditel Luxembourg three years ago as part of its acquisition of Belgian parent SFR-Coditel.
The new structure will see the SFR brand disappear from Luxembourg, to be replaced by Eltrona by the end of June at the latest.
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