Eircom requests to be broken into two companies
The Irish Department of Communications has confirmed Friday’s rumours that the country’s leading telecom company has made a submission regarding splitting the company’s wholesale and retail branches into two separate businesses.
A spokeswoman for the Department told ENN that Minister for Communications, Energy and Natural Resources, Eamon Ryan is currently examining the recent submission.
The spokeswoman also assured us that if the company were to split that steps would be taken to ensue the customers were not treated unfairly.
Eircom owner, Babcock & Brown Capital, plan on selling the retail side of the company and holding onto the wholesale. This is a global first for the separation of a company, as the two would eventually have different owners.
Australian investment firm Babcock bought the entire company for €2.4 billion are valuing the sale of the retail arm at €1.8 billion.
Provisionally, the working titles for the retail and whole sale companies are ’Netco’ and ’Servco’ respectively.
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