Telecoms company Eir is to cut 750 jobs as part of cost-cutting at the former State-owned business.

The redundancies will be entirely voluntary, Eir said.

The development was communicated to staff earlier today and all employees have been given financial details about the package being offered.

They now have 30 days to consider whether to accept the offer or not.

There are currently around 3,220 people employed at Eir.

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A spokesman said an ongoing cost-cutting programme has been under way for some time and, as the industry is getting more competitive, there is a need to cut costs further.

Eir also said today that in parallel with the job cuts, the company plans to simplify its products and business processes.

It is understood that almost all employees can apply for the redundancy, although certain field staff cannot as they are needed for Eir's ongoing broadband network rollout.

The cuts will not impact Eir's commitment to the Government to deliver high-speed broadband to 300,000 premises around the country.

Last year the firm ran another voluntary redundancy scheme which resulted in 270 people leaving the business.

On Monday Eir confirmed the deal to buy a majority stake in the company by a consortium led by French billionaire Xavier Niel was now complete. 

NJJ Telecom is part of NJJ Group, the private investment firm of telecoms investor and operator Xavier Niel.

The deal was first announced last December.

The appointment of a new board of directors, chief executive officer Carolan Lennon and chief financial officer Stephen Tighe were also announced recently.

Eir's recently appointed CEO Carolan Lennon

Under the terms of the deal, NJJ now owns 32.9% of Eir, while Iliad owns 31.6%. 

Xavier Niel owns 52% of Iliad.

The company also said it had a call option that would enable it to take full control of Eir in 2024.

Eir shareholders Anchorage Capital Group and Davidson Kempner have retained a combined 35.5% share in the company, respectively 26.6% and 8.9%. GIC sold its shareholding. 

The Communication Workers Union said it was aware the redundancy scheme had been announced and that it expects to talk to the company about how the reduction in staff will impact those who remain.

Fórsa, which represents up to 200 clerical, IT, finance and HR staff, said it would be seeking an immediate meeting with Eir to discuss the development.