eircom to issue 313 million new shares to fund Meteor purchase

30 Aug 2005

Ireland’s dominant fixed line operator eircom says it will raise EUR423 million in a rights issue to fund its recently agreed deal to purchase Meteor Mobile. The telco plans to issue 313 million new shares, equivalent to 29% of its enlarged capital, in a ‘five-for-twelve’ issue next month. Shares will be priced at EUR1.35 each, a discount of 24% on yesterday’s closing price. The deal represents a major gamble for eircom, whose borrowings are already among the highest of Europe’s incumbents. Its purchase of Meteor will see it re-enter the wireless market just five years after quitting via the sale of its own mobile subsidiary eircell to Vodafone in 2001.

Subscribe



Feedback

Have feedback, corrections, or story ideas? Send them to editors@commsupdate.com.

Browse Past Issues

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share