Hong Kong conglomerate Hutchison Whampoa has said it is not the third party engaged in Irish incumbent Eircom’s restructuring talks.
“Hutchison is not in talks on Eircom,” the company said in a statement confirmed by its Irish mobile operator…
Hong Kong conglomerate Hutchison Whampoa has said it is not the third party engaged in Irish incumbent Eircom’s restructuring talks.
“Hutchison is not in talks on Eircom,” the company said in a statement confirmed by its Irish mobile operator subsidiary 3 Ireland.
On 28 October, Eircom announced that it had been approached by an undisclosed company to help restructure its E3.75bn (US$5.3m) of debt.
A report in the Sunday Times had suggested that Hutchison had previously approached the co-ordinating committee of the Irish operator’s senior lenders in a bid to control the group.
A later report in the same publication then pointed to this mysterious third party being Ireland-based regional mobile operator Digicel, which has declined to comment on the speculation.
On 2 November, an Irish Independent report, citing sources, stated that a formal Digicel/Eircom takeover proposal was just days away.
Singapore Technologies Telemedia owns two-thirds of Eircom, with the remaining stake held by employee shareholder trust ESOT.
Gleacher Shacklock and JP Morgan are advising Eircom on the talks. Houlihan Lokey is advising the group’s first lien lenders, while Moelis is thought to be advising its second lien debtors.
