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More bids for eircom

  • 27-05-2009 9:18am
    #1
    bealtine
    Registered Users, Registered Users 2 Posts: 4,051 ✭✭✭


    Arcapita, CVC eye bids for Eircom - report Tuesday 26 May 2009


    Private equity firms Arcapita and CVC Capital Partners have emerged as possible bidders to acquire Irish incumbent operator Eircom. Eircom executives are this week putting case-for-investment presentations to the two groups and Singapore Technologies Telemedia, the Irish Independent reports. Arcapita is the European private equity arm of Bahrain investment bank Arcapita Bank and used to be called the First Islamic Investment Bank. The company is already active on the Irish electricity market. According to the paper, the three companies have also had talks with Eircom's 35 percent shareholder, the Eircom Share Ownership Trust (ESOT), which is made up of thousands of current and former employees of the operator. Sources close to the company said that the ESOT could also invest in the company with its EUR 100 million in reserves. Eircom's main shareholder, the Australian fund Babcock & Brown Capital, which is now known as Eircom Holdings, put the company up for sale. A EUR 97 million unsolicited bid for BCM led by Australian financier Rob Topfer was rejected in mid-April.


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