Eircom plan €1.8bn break-up of phone firm

Eircom's Australian owners are reportedly planning to sell off major parts of the company in a deal that could be worth up to €1.8bn.

Reports this morning say the Babcock and Brown wants to sell the company's retail division, which sells landline phone and broadband services, as well as the Meteor mobile phone arm.

The investment firm, which bought Eircom for €2.4bn two years ago, is reportedly planning to retain the valuable wholesale division, which includes the company's lucrative phone network.

Babcock and Brown are understood to have spoken to a number of potential buyers in recent months.