ST Telemedia confirms its interest in buying Eircom

22 Jun 2009

Singapore-based telecoms player ST Telemedia has confirmed it is considering a bid for Ireland’s incumbent operator Eircom, in what would be the company’s first acquisition outside Asia in several years.

According to the Financial Times, the company is considering a potential investment in Eircom through Eircom Holdings, the Australia-based parent of Eircom.

Eircom is facing its fifth change of ownership in 10 years, having been privatised by the Irish Government in 1999.

The company agreed with unions to cut staff by 15pc over the next two years as part of a US$135m cost-savings plan.

“As a strategic investor in ICT companies in the Asia-Pacific region, Europe and the Americas, we believe we can contribute towards the development of Ireland’s telecoms industry,” ST Telemedia was reported as saying in the Financial Times.

By John Kennedy