IN a deal which values the Irish mobile phone company Esat Telecom at £56 million the company this week raised £27 million from a group of international venture capital providers who now control around 40 per cent of the equity. Among the new equity stakeholders is Soros Capital, an investment vehicle for George Soros, the investment guru who embarrassed the British Government by orchestrating a massively profitable run on sterling prior to the currency's departure from the European Monetary System.

The new capital will assist Esat in developing its new GSM mobile phone network and enlarge its existing telephone business. Esat has placed the shares with five US based companies, four of whom are new investors and the fifth, Advent International, already holds a 31.5 per cent interest in Esat. The share issue dilutes the share holding of Esat chairman and chief executive Denis O'Brien to 29.44 per cent.

The new investors are committed to the company for at least five years, after which they have the option to sell their stake to other shareholders or to an outside party. According to Mr O'Brien another option for Esat would be to float on the stock market. Esat Digifone, having secured the licence for the Republic's second mobile phone service, aims to commence the operation in the last quarter of this year. O'Brien says the group will be "a fully fledged competitor to Telecom Eireann in all areas.