NTL Ireland has been sold by its US parent company to MS Irish Cable Holdings, for €325 million.
Irish Cable Holdings is a subsidiary of Morgan Stanley, the investment bank which acted as advisor to UnitedGlobalCom (UGC) on the purchase of NTL Ireland.
UGC has confirmed that it will buy NTL Ireland from Morgan Stanley once the regulatory issues involved in such a transaction have been resolved.
"We are very pleased to have sold our division in the Republic of Ireland on these terms," said Simon Duffy, chief executive of NTL. "I would like to thank everyone in NTL Ireland for all they have contributed and achieved over the past several years."
NTL bought its Irish operation, which has around 350,000 subscribers, from Eircom and RTE in 1999 for €680 million.
The sale of NTL Ireland is seen as one of the preparatory steps before NTL's widely-expected merger with Telewest Global.
