The Competition Authority has cleared the proposed takeover of Eircom's parent company Eircom holdings Ltd by Singapore Technologies Telemedia (STT).
The authority came to its decision after completing a review of the deal. It said it did not think the deal raised competition concerns in the State, as STT's only other business with operations here is Global Crossing Ltd.
The deal valued Eircom at €3.94 billion, but STT will also be taking on its €3.87 billion in debt. The company's ESOT - the employee share ownership trust - which owns 35% of the company has agreed to co-operate with the deal.
