The sale of the Australian-based Eircom Holdings Ltd shareholding in Eircom has been concluded with Singapore Technologies Telemedia's acquisition of a controlling interest in the company in a €140m cash and shares deal.
ST Telemedia invests in and manages a group of information-communications companies across the globe.
Its companies include Global Crossing, TeleChoice, and Asia Mobile Holdings which holds interests in StarHub and Shenington Investment, which in turn owns stakes in Lao Telecommunications Company and Mfone in Cambodia.
Paul Donovan, Eircom chief executive, said: "This heralds a new era. We will be working closely with the new shareholders to develop a business model for the long term future of Eircom that delivers an unbeatable customer offer, transforms our operations, and drives a return for the shareholders who have invested in our business.
"At the same time, we will continue to work tirelessly to reduce our operational costs, streamline our business processes and work more efficiently and effectively as a team."
