Business

Sunday 11 December 2016

US shareholder will gain voting control at Eir as near 10pc stake in telco to be sold

Published 27/10/2016 | 10:10

Eir received a takeover approach last year for about €3.3bn
Eir received a takeover approach last year for about €3.3bn

US-based private equity giant Anchorage Capital is now understood not to be seeking sole ownership of telecoms company Eir, despite a notice issued by the Competition and Consumer Protection Commission (CCPC) this morning that it is looking to seek sole control.

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The CCPC stated this morning that is has been notified of the “proposed acquisition by Anchorage Capital Group of sole control of Eircom Holdco SA”.

Eircom Holdco is Eir’s parent company.

The notice indicating that Anchorage wanted to gain sole control, but it's understood that imminent changes in share ownership mean that Anchorage will have majority - and effectively sole - voting power in Eircom Holdco. The majority of the equity will now be split between three shareholders.

Independent.ie understands that one shareholder - York Capital - is selling its almost 10pc share in Eircom Holdco.

Anchorage Capital already owns just under 40pc the of the telecoms firm.

In June, Singapore’s sovereign wealth fund, GIC, bought 16pc of Eir, valuing the Irish company at about €3.5bn.

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