The proposed acquisition of one of Ireland’s telecommunications and broadband businesses, eir, by a European consortium has been announced.
The consortium is led by NJJ Telecom Europe and the deal has been valued at around €3.5 billion.
The transaction is expected to complete in the first half of 2018 and, according to a statement on eir’s website, will see substantial investment to deliver better services for eir’s customers and will bring benefits to Irish business and consumers alike.
“Today marks an important milestone for eir, our customers and indeed for Ireland itself,” commented Carl Leaver, Chairman of Eircom Holdings (Ireland) Limited. “Iliad and NJJ Telecom Europe bring a wealth of global telecommunications experience which will be of huge benefit to eir and its customers. Coupled with the continued involvement of our existing shareholders, Anchorage Capital and Davidson Kempner, the company is well positioned to continue its operational transformation, underpinned by sustained investment, innovative products and services and improved financial performance.”
The transaction is however conditional upon the satisfaction of certain conditions, including obtaining EU Commission Competition clearance from the European Commission, Media Merger consent from the Minister for Communications, Climate Action and Environment in Ireland and Broadcasting Authority of Ireland consent.
Commercial mergers and acquisitions are highly complex and any business owner contemplating such a transaction should always seek specialist advice from highly experienced professionals.
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