Eircom Seeking Dual Stock Market Listing in London and Dublin
Published on: 22nd Jun 2014
Ireland's largest landline operator, Eircom, which also owns the Meteor branded mobile network is moving closer to a stock market listing, but is also expected to seek a dual listing in both the UK and Ireland.
The company is said to be seeking to raise around EUR1 billion from the listing, which could come as early as this September. The funding would be used to repay some of its EUR2.3 billion worth of debt.
The former state-owned company was privatised in 1999 in a stock market listing, but taken private again in 2001 by a private equity group. It listed again in 2004, and was again taken private in 2006.
In 2012, the company was largely taken over by debt holders in a debt for equity swap that saw 40% of the company's huge debt pile written off in what was also Ireland's largest ever bankruptcy.
The company is now owned by a consortium of around 200 debt holders.
A spokesman for the group said that Eircom "continued to review its strategic options" with a float being "one option".
It was recently revealed that Eircom's senior managers could share a bonus pot worth up to EUR60 million if they maximise the return for the existing shareholders.