Telefonica has reportedly launched a sale of its Irish operations after receiving expressions of interest from local players including Hutchison Whampoa.
BofA Merrill Lynch, which is also helping the indebted telco consider asset sales in countries such…
Telefonica has reportedly launched a sale of its Irish operations after receiving expressions of interest from local players including Hutchison Whampoa.
BofA Merrill Lynch, which is also helping the indebted telco consider asset sales in countries such as the Czech Republic, is reported to be calling for bids for O2 Ireland within a month.
A sale could raise €700m, which could support the company’s plans to reduce its debt pile to below €47bn from €51bn before the end of this year.
Hutchison Whampoa, a conglomerate based in Hong Kong, already owns 3 Ireland in the country, and has made no secret of desires to play a consolidator role throughout Europe.
Neither company was able to comment on the reports by the Irish Independent as well as by Bloomberg.
Last year Hutchison failed to acquire the country’s telecoms incumbent Eircom when it was restructuring under examinership, which is the Irish equivalent of Chapter 11 bankruptcy in the US.
Eircom is also in the frame for O2 Ireland, with its CFO Richard Moat being cited last month saying it wanted to buy its rivals. The other mobile operator in Ireland is UK-based Vodafone.
Acquisitive US cableco Liberty Global, which owns UPC Ireland in the country, is also a possible bidder.
