By Tony Hallett, 3 October 2001 09:08
NEWS The sale of Irish telco Eircom to the Valentia consortium, backed by entrepreneur Sir Tony O'Reilly, will be made possible by a E2.4bn (£1.5bn) leveraged buy out (LBO) facility. Valentia needs to raise the funds - predominantly from large banks - to purchase the telco following a bitter fight with a rival group. Although LBOs are increasingly rare at the moment because of their risk they are one of the ways for smaller groupings to make a play for larger businesses such as former state telcos.
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