York Capital to sell 10% stake in Eir
One of the biggest shareholders in Irish telecoms company Eir is selling its near 10% stake in the business. The sale by US hedge fund York Capital will leave Anchorage Capital with sole voting control at the former Irish state-owned company.
York Capital owns 9.8% of Eir, formerly Eircom, while Anchorage Capital owns just under 40%.
Anchorage will buy some of York's shares. Anchorage will then gain over 50% of the voting control at Eir's parent, Eircom Holdco, giving it sole control of the business. It has notified the Republic's Competition and Consumer Protection Commission of the planned transaction, which must approve it.
Eir, whose chief executive is Richard Moat, operates in Northern Ireland as Eir Business NI, which sells services including local and wide area networking, unified communications, wi-fi and internet.
Eir has operated in Northern Ireland since 2007 and now employs 65 people, with revenues of £36m.