Eir’s main shareholders in talks to bring in another significant investor
Eir’s main shareholders are in talks to bring in another significant investor, the company said on Thursday.
The major shareholders of Eircom Holdings have informed the company that they have been approached by a potential investor, Eir said in a stock market notice. The shareholders have indicated they could sell a stake in the business, but want to remain as owners.
It is relatively unusual for shareholders, rather than management, to be approached by an outside bidder, especially in the case of a sale to a trade buyer but a minority stake sale would likely have little impact on the company at strategic or management level.
Last year one GIC, Singapore’s sovereign wealth fund bought a 16pc stake in Eir for €230m.
Subsequently, York Capital Management sold its 9.8pc stake in the firm to incumbent shareholders Anchorage Capital Group, GIC and Davidson Kempner Capital have bought the stake.