Eircom appoints Goldman Sachs and Morgan Stanley to advise on potential IPO

29 Apr 2014

Ireland’s incumbent telecoms operator Eircom has appointed Goldman Sachs and Morgan Stanley to advise it on strategic financing options, including a potential IPO.

The appointments follow the appointment of Rothschild as independent financial adviser to the telecoms operator.

Eircom said the purpose of appointing the investment banks as advisers is to “explore strategic options for the company, including a potential international offering and listing.”

Eircom, which filed for protection from its creditors two years ago, has restructured its debt levels from about €3.7bn down to €2.2bn.

In recent weeks, Eircom claimed it has the largest fibre footprint in Ireland – capable of reaching 750,000 customers – and reported it had connected its 100,000th paying fibre customer.

Last November, Eircom increased its planned national fibre footprint from 1.2m homes and businesses to 1.4m homes and businesses across Ireland.

In the company’s most recent financial results in February, Eircom reported second-quarter revenues of €334m, down 5pc on last year.

Financial markets image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years