Goldman Sachs and Morgan Stanley to advise Eircom on IPO

Goldman, Morgan Stanley to advise Eircom on IPO

Eircom informed that the company has appointed Goldman Sachs and Morgan Stanley for advise on a possible flotation of the company.

The company is planning its third Initial Public Offering in a period of 15 years. The company said that the two banks will "explore strategic options for the company including a potential international offering and listing." The company had hired Rothschild for advice on the offering.

The company also said that it is considering number of options in order to strengthen its financial position in the market. The options include a possible floatation on the stock exchange. The company had to restructure its €3.75 billion in debt two years earlier and it had filed for protection from its creditors two years ago. The examiner-ship was among the largest in Ireland and resulted in a reduction in debt of the company.

The changes had helped the company reduce its debt level to about €2.2 billion and the company has been able to negotiate to extend some of them. The floatation will follow controversial 1999 privatisation of the State-owned Telecom Éireann and it was taken private by Sir Anthony O’Reilly’s Valentia consortium.


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