eircom investors approve rights issue to fund Meteor purchase

16 Sep 2005

Shareholders in Ireland’s dominant fixed line operator eircom have approved plans to issue new shares to fund the telco’s purchase of wireless operator Meteor Mobile. eircom hopes to raise EUR423 million by issuing 313 million new shares, equivalent to 29% of its enlarged capital, in a ‘five-for-twelve’ issue later this month or early next month; shares will be priced at EUR1.35 each. The deal represents a major gamble for eircom, whose borrowings are already among the highest of Europe’s incumbents. The purchase of Meteor will see eircom 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