Eircom may delay EUR1bn stock market listing amid fears investors won’t bite

14 Jul 2014

The Sunday Business Post writes that Irish former monopoly Eircom is considering delaying its planned EUR1 billion (USD1.36 billion) stock market listing amid concerns that investors will not be interested in buying shares. The incumbent had tentatively set a September timeline for the date of its third public offering since 1999, but is now contemplating a number of options, such as the sale of a part of its business to international funds and the postponement of its flotation by an undetermined period of months.

Last week, CommsUpdate reported that Eircom’s financial advisers had approached some of Europe’s biggest private equity firms as Ireland’s former phone monopoly operator considers options for a sale or a return to the stock market, according to unnamed sources with knowledge of the matter. The Irish incumbent has taken on investment banks Goldman Sachs and Morgan Stanley to explore strategic financing options for the company, including a potential initial public offering (IPO) that is estimated to value Eircom at around EUR2 billion. Three people, who asked not to be identified because the matter is private, suggest that some of the buyout groups already approached include Apax Partners, CVC Capital Partners and KKR & Co LP (KKR), with the aim being to form a consortium for the Dublin-based firm, which has changed ownership six times since 1999. The companies involved however, all declined to comment.

Ireland, eir