Eircom private firms to bag €470m

THE two private equity firms, who are the largest shareholders in Eircom, will net close to €470 million when the telecoms company floats on the stock market later this month.

Providence Equity Partners, the US private company that led the takeover of Eircom in 2001, holds a 44% stake. It will sell all but 4.8% of its holding in the initial public offering (IPO) in two weeks, according to a prospectus issued yesterday.

George Soros, the billionaire investor, will sell all but 1.95% of his 18% stake.