Blackstone Group LP has agreed to sell a 25% stake in Eircom to hedge fund Anchorage Capital Group, a source familiar with the matter told Reuters today.
This comes a day after the telecoms firm said it had rejected a €3.3 billion buyout offer.
Blackstone said it would retain a 5% stake in Eircom, the source said.
The sale would make Anchorage the company's biggest shareholder, Bloomberg said earlier today.
Anchorage entities held an 8.02% stake in Eircom, according to the company's annual report published last June.
Eircom said yesterday evening it had rejected a takeover offer of between €3.2-3.3 billion from an unnamed bidder because it undervalued the business.
The company last year pulled out of a possible initial public offering having appointed investment banks to examine what would have been a third flotation in 15 years.
