Eircom has received the consent of its shareholders, bondholders and lenders for a corporate reorganisation which would pave the way for an IPO, should the Irish incumbent choose to pursue that option.
Eircom previously outlined a plan to incorporate in…
Eircom has received the consent of its shareholders, bondholders and lenders for a corporate reorganisation which would pave the way for an IPO, should the Irish incumbent choose to pursue that option.
Eircom previously outlined a plan to incorporate in Jersey and be a tax resident in Ireland, which it said would give it greater flexibility to pay dividends to shareholders in the future if it chose to list.
The telco has not confirmed that it will pursue an IPO at this point and is yet to exercise the option it now has to reorganise its corporate structure.
In April it hired Goldman Sachs, Morgan Stanley and Rothschild to explore options for the business, including a listing. Should Eircom choose to go public it would be the third time in 15 years the operator has executed an IPO.
Reports have suggested that Eircom aims to raise around €1bn (US$1.4bn) from the stock market in a move that would value it at more than €3bn (US$4.1bn).
An IPO this year would come just two years after the group was taken over by its bondholders, which snapped it up from an administration process called examinership. The takeover saw US-based private equity firm Blackstone become Eircom’s largest shareholder.
The operator’s administrator had also gauged private equity investors’ appetite for a potential sale. KKR, Apax, and CVC were all reported to have been contacted.
