eircom opts for sale rather than IPO
eircom, the Irish telecoms group, is believed to have abandoned any plans for a flotation, the Irish Independent reported, citing a weekend report.
The company has decided instead to try and find a buyer, the report said, noting that its advisers have been recommending a sale to a private-equity house or trade buyer.
The move is thought to be backed by eircom’s owners, which include the private-equity firm Blackstone, the item said.
A flotation had been expected to value eircom at approximately EUR 3bn, the report said, adding that the potential float proceeds had been earmarked for paying down debt.
Source Irish Independent