“We are very comfortably in a position to service that debt,” Donovan said in an interview with Dublin’s RTE radio today. The majority of the company’s debt isn’t due to be paid until 2014, he said.
The acquisition is a “strategic decision” by ST Telemedia to build a strong business in Asia, said Lee Theng Kiat, ST Telemedia’s chief executive at a signing ceremony.
Irish telecoms group eircom reaffirmed plans for significant job cuts despite prospects of a capital boost from future majority owner Singapore Technologies Telemedia (STT), eircom’s chief executive said today.
Australia-listed eircom Holdings Ltd (ERC.AX), the current majority owner of indebted eircom, last Monday announced it has accepted a takeover offer from STT, a unit of Singapore state investor Temasek Holdings (TEM.UL).
Eircom Holdings Ltd (ERC.AX), the majority owner of indebted Irish telecoms group eircom, has accepted a takeover offer from Singapore Technologies Telemedia, eircom Holdings said today.
Australia-listed eircom Holdings, formerly known as Babcock & Brown Capital, said in a Sydney stock exchange statement the offer was equivalent to A$1.335 ($1.63) per eircom share, representing a 20.2% premium to the closing price on June 24.
STT, a unit of Singapore state investor Temasek Holdings (TEM.UL), earlier this month made a revised bid for eircom Holdings worth a total of A$230 million ($275 million).
