Valentia confirms flotation of Eircom

VALENTIA Telecommunications, the owner of Eircom, has confirmed it will float the company on the Dublin and London stock markets next month, raising hundreds of millions in fresh capital.

The company will raise around €300 million from the issue of new shares in Eircom Group plc. It could also raise up to €600m through a "substantial" secondary offering of shares from existing shareholders.

Earlier this week the last hurdle paving the way for the flotation consent of bondholders to resume dividend payments was cleared.