Eir has said that Singapore’s sovereign wealth fund, GIC, intends to purchase up to €230m of its shares from existing shareholders.
The company, formerly known as Eircom, said that completion of the transaction is expected to be conditional upon the approval of certain matters by shareholders at an extraordinary general meeting to be held by the end of June.
In a statement, Eir said it understands the proposed acquisition will be arranged such that shareholders with smaller percentage holdings will be given the opportunity to take part in the sale.
It added that after the deal, Anchorage Capital Group will remain as its largest shareholder, holding in excess of 35% of the telecoms company.
