Eircom in €420m share sale to buy Meteor

Eircom is set to announce the sale of as much as €420 million in shares tomorrow to cover almost all of the cost of acquiring mobile-phone firm Meteor, according to market sources.

23rd July, 2005

Eircom is set to announce the sale of as much as €420 million in shares tomorrow to cover almost all of the cost of acquiring mobile-phone firm Meteor, according to market sources.

The size of the rights issue is much larger than expected and reflects the fact that the deal has been well received by its investors. The rights issue will also generate more money for the state's dominant fixed-line phone company to invest in...

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