The final step in the €140 million sale of the Australian-based Eircom Holdings Ltd (ERC’s) shareholding in Eircom to Singapore-based STT has been concluded.
Eircom chief executive Mr Paul Donovan said the finalisation of the sale was good news for customers, employees the country.
"This heralds a new era. We will be working closely with the new shareholders to develop a business model for the long term future of eircom that delivers an unbeatable customer offer, transforms our operations, and drives a return for the shareholders who have invested in our business.
As revealed in the Irish Times last week, STT has indicated to the Communications Regulator that it will invest in Eircom's network infrastructure when it acquires the business and that it intends to stay in Ireland for the long term.
Eircom has been acquired by Emerald Communications, a Cayman Islands-registered vehicle being used by STT and the company’s employee share ownership trust (Esot) to conduct the takeover of the Irish phone group. This vehicle becomes Eircom’s fifth owner in little more than a decade.