An Post makes €85m on subsidiaries sale

An Post has sold PostTS UK and PostTS Spain - its two subsidiary companies in the international mobile telephone electronic top-up market - to Alphyra for €85m.

The two companies – originally eCommercell UK and Spain – were bought from the Caudwell Group for €8.5m in February 2002. Since then An Post invested a further €7.5m in the businesses which were returned to profit in 2004.