Monday 18 December 2017

Singapore wealth fund to 'purchase up to €230m' in Eir shares

Eir boss Richard Moat
Eir boss Richard Moat
Michael Cogley

Michael Cogley

Singapore's sovereign wealth fund GIC is to spend up to €230m on shares in the State's largest telco Eir.

GIC, which is one of the world's largest global investors, intends to buy the shares at a price of €232 per share from existing shareholders.

Eir said it understands the acquisition of the shares will be arranged so that shareholders with smaller percentage holdings will be given an opportunity to participate in the sale, as to facilitate a liquidity event for those holders.

The deal is set to be subject to approval of certain matters by shareholders at an extraordinary general meeting at Eircom Holdco, the holding company of the group.

The EGM is expected to be held at the end of June.

Following the deal Anchorage Capital Group will remain as Eir's largest shareholder, holding over 35pc of the group's shares.

Eir said Anchorage welcomes GIC as a new long-term shareholder.

Read more: Qatari royal family look to take large stake in Eir

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