Business Technology

Wednesday 13 December 2017

Qatari royal family look to take large stake in Eir

Eir boss Richard Moat
Eir boss Richard Moat

The Qatar royal family may be about to take a large stake in the country's largest telecom firm, it has been reported.

Te royal family's $256bn (€225bn) investment fund is eyeing up a sizeable chunk in the firm ahead of its initial public offering, according to reports in the Irish Times.

The company isn't expect to go public for another two years and US-based York Capital, its second-largest investor, is looking to sell to the investment fund.

While the Qatar Investment Authority will look to acquire York's 15pc stake in Eir and a number of other smaller shareholders, it is reported that New York hedge fund Anchorage will remain the largest shareholder with a 38pc stake.

The news comes after Eir tapped the bond market for €500m as investor demand inflated the size of the offer from €350m.

Eir said it will use the proceeds to retire more expensive debt and the move will save it €17m a year in interest.

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