Irish full service telco eir (formerly Eircom) has announced that Singapore’s sovereign wealth fund, GIC, intends to purchase up to EUR230 million (USD261 million) of the group’s shares from existing shareholders, at a price of EUR232 per share. In a press release, eir has confirmed that the proposed acquisition will give shareholders with smaller percentage holdings the opportunity to participate in the sale so as to facilitate a liquidity event for those holders. Completion of the acquisition is subject to approval from shareholders at an Extraordinary General Meeting (EGM), expected to be held by the end of June 2016, and following the transaction, Anchorage Capital Group will remain as eir’s largest shareholder, holding a stake in excess of 35%.
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