Murtagh’s takeover of Smart receives shareholder backing

30 Oct 2006

Brendan Murtagh has secured shareholder backing for his plan to take over troubled Irish operator Smart Telecom. Murtagh, cofounder of building materials firm Kingspan, could finalise the deal this week after securing the support of the majority of shareholders for it. The entrepreneur owns 20% of Smart and has the support of shareholders representing around 51% of the telco’s equity. He plans to transfer Smart’s assets and liabilities to his BidCo vehicle and will pay EUR1 for the company and assume its debts of approximately EUR45 million. The deal is expected to be approved at an EGM tomorrow.