Eircom has confirmed in a statement to the Irish Stock Exchange that venture capitalist firm Providence has placed 27.7 million of its shares with institutional investors. The placing is expected to net Providence about €42m.
Providence, which was one of the investors who took Eircom private, placed the shares through Morgan Stanley and Davy Stockbrokers earlier this week.
The sale amounted to 3.5% of the company. Providence originally had around 35 million shares, or 4.5% of the company. It keeps eight million Eircom shares.
The sale of shares came a month after the end of the 180 day lock-in period, during which stock exchange rules required Providence to keep its stake in Eircom, which refloated on the Dublin and London stock exchanges last March.
