Eir shareholder Anchorage Capital Group has said it intends to increase its equity stake in the group by buying shares from an existing shareholder.
One Eir shareholder, York Capital, has indicated its intention to sell its 9.8% stake in the telecom group.
Anchorage Capital already owns 36% of the company, while Singapore's sovereign wealth fund GIC owns another 16% and hedge fund Davidson Kempner owns almost 12%.
It is believed that these three shareholders will each buy part of the York Capital holding.
The move could see Anchorage take a controlling interest in Eir through its voting rights, but will result in no change in the company's strategic direction.
"The continuing support of shareholders is a positive endorsement of the group and its strategy," Eir said in statement today.
"Following the proposed transaction, which we believe is conditional upon satisfying certain obligations, entities managed by Anchorage Capital Group will remain as Eir's largest shareholder," it added.
Anchorage bought a stake in eir in 2015 from Blackstone.
The company was taken over by its senior lenders after it filed for creditor protection to restructure in 2012 with €3.75 billion of debt.
In September, Eir said it had recorded its first year of annual revenue growth since 2008.
Revenues rose by 4%, or €45m, to €1.3 billion over the 12 months to the end of June.