Eircom said this morning that its EGM to approve the sale of the company to Australian investment group Babcock and Brown has been arranged for Wednesday July 26 in Portmarnock Hotel and Golf Links in Co Dublin.

The phone company also said that it has applied to the Dublin and London Stock Exchanges for the delisting of its shares from the end of trading on August 17.

On May 23, Eircom said it had agreed a deal with Babcock & Brown worth €2.4 billion. The Employee Share Ownership Trust, which represents workers at the company, will remain a minority shareholder in the company.