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Sale of eircom to STT finalised

Sale of eircom to STT finalised

The final step in the sale of the Australian-based eircom Holdings Ltd's shareholding in eircom has been concluded, with Singapore Technologies Telemedia’s (ST Telemedia) acquisition of a controlling interest in the company in a €140-million cash and shares deal.

eircom chief executive Paul Donovan said the finalisation of the sale was good news for eircom customers, employees and Ireland. "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.

"At the same time, we will continue to work tirelessly to reduce our operational costs, streamline our business processes and work more efficiently and effectively as a team."

Singapore Technologies Telemedia (ST Telemedia) invests in and manages a group of ICT companies across the globe. Its core competencies are in mobile communications and global IP services. ST Telemedia has operations in the Asia-Pacific region, the Americas and Europe. Key companies in the ST Telemedia group include Global Crossing, TeleChoice, and Asia Mobile Holdings which holds interests in StarHub and Shenington Investment, which in turn owns stakes in Lao Telecommunications Company and Mfone in Cambodia.

Photo: eircom chief executive Paul Donovan.

Article courtesy of businessandleadership.com

Categories: Business
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