Thursday 23 May 2019

BT to offload Irish unit in €462m sale – report

Shay Walsh is head of BT in Ireland
Shay Walsh is head of BT in Ireland
Independent.ie Business Desk

BT plans to exit the Irish market though the £400m (€462m) sale of BT Ireland.

This is according to a report from the Daily Telegraph.

BT Ireland services corporate clients across the country.

The British multinational has reportedly invited bids for BT Ireland as part of a purging of its Global Services international arm.

BT Ireland, which employs around 600 people here, last year reported a profit of €34m on revenue of €425m, according to filings at the Companies Registration Office.

The Telegraph reports sources as saying that BT Ireland’s underlying earnings of around €50m could attract bids in the €350m to €500m range from private equity players, as well as pension funds.

BT Ireland, which operates in five cities across the country, is synonymous with the Young Scientist & Technology Exhibition, an annual event it has been involved in for 17 years.

A spokeswoman for BT Ireland said: "we don’t comment on rumour or speculation".

The managing director of BT Ireland cast doubt on the story, saying on social media not to "believe everything you read in the paper, especially when there is no source quoted" in response to a query on the matter.

Online Editors

Also in Business