GIC, Singapore’s sovereign wealth fund announced that it intends to take up a large minority stake in the Irish largest telecoms Operator, Eir. GIC, one of the world’s largest global investors with assets in more than 40 countries, intends to purchase up to €230m of Eir’s shares at a price of €232 per share. The Strait Times Singapore, reported that the with the investmet, GIS will be taking up 16% stake in the Operator.
Eir serves business and corporate telecom markets in Northern Ireland and Britain. Eir reported revenue of €1.3 billion for the year ended June 30 2015 while adjusted earnings were reported at €481 million.
Following the transaction, Anchorage Capital Group, the US hedge fund will remain Eir’s largest shareholder, holding in excess of 35% of the Group’s shares. The group which first joined the Operator’s shareholder register in 2012, welcomes GIC as a new long-term shareholder and looks forward to partnering with GIC on further value creation opportunities.
The Operator in a statement, Friday said that, "Eir understands that the proposed acquisition will be arranged such that shareholders with smaller percentage holdings will be given the opportunity to participate in the sale so as to facilitate a liquidity event for those holders."