Telecom Liechtenstein merges with Telekom Austria subsidiary
04 July 2014 |
Telekom Austria has merged its Liechtenstein arm, mobilkom, with national incumbent Telecom Liechtenstein.
The merger will be a non-cash transaction, designed to create a comprehensive provider of fixed-line, mobile, internet and TV services in Liechtenstein.
The company will retain its name of Telecom Liechtenstein, and the Telekom Austria Group and the Principality of Liechtenstein will hold 24.9% and 75.1% stakes respectively.
"The partnership with mobilkom Liechtenstein is a logical next step for the further development of Telecom Liechtenstein,” said Markus Willi, chairman of the supervisory board of Telecom Liechtenstein. “Together, we will be in a better position to meet the needs of both our residential and business customers.”
The merged company is expected to achieve total annual revenues of €41 million and will have approximately 49,000 customers and 91 employees.
Mathias Maierhofer – the existing CEO at Telecom Liechtenstein – will take the reigns as CEO of the merged company, and Telekom Austria will have the right to appoint the vice chairman of the supervisory board, as well as a number of other corresponding participation rights.
“The merger of these two companies marks a further step forward in the implementation of our convergence strategy,” said Hannes Ametsreiter, CEO at Telekom Austria Group. “Telecom Liechtenstein is an ideal partner for us and together we will be able to offer Liechtenstein’s residential customer all products from one single source, while at the same time supporting the successful Liechtenstein-based corporations of a global level.”
Telekom Austria Group’s European subsidiaries have been particularly active over the last few months, with its Macedonian arm Vip Operator launching 4G services and an impairment booked for its Bulgarian unit Mobiltel.