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Eircom plans transfer to Jersey

Eircom has announced plans to transfer the assets and liabilities of its main operating company to a new entity incorporated in Jersey. Last April, Eircom announced it was undertaking a formal review, advised by Goldman Sachs, Rothschild and Morgan Stanley, of its future “strategic options”, including a possible flotation that could value it at between €2.5 – €3 billion.

The former State-owned company announced that is considering another listing on the stock market, which would be its third in the space of just 15 years. The government initially floated the company in 1999 only for it to subsequently return to private ownership two years later, before being re-floated in 2004 for another two-year period. It emerged from bankruptcy protection in 2012 after a 40% debt write-off worth €1.8 billion.