STT poised to secure Eircom deal

14 Sep 2009

Eircom’s Australian majority shareholder Eircom Holdings, formerly Babcock and Brown Capital, has reached a deal with Singapore Technologies Telemedia (STT) concerning a takeover of the company. In a statement Eircom Holdings said it will recommend shareholders accept the offer which is worth USD1.15 per share (a 20.2% premium on the Irish telco’s closing price on 24 June 2009). The vote is due to take place at a shareholders meeting in Sydney this December. Minority 35% shareholder, the employee share ownership trust (ESOT), has agreed to cooperate with the deal.

Ireland,eir (formerly Eircom),

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