The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Infrastructure: Eircom sale mooted for B&B

Irish divestment would be severe test for weakened loan market.

The rumoured sale of Irish telecoms company Eircom could prompt the refinancing of one of Europe's largest corporates to have undergone a leveraged buyout. BCM, which is managed by Babcock & Brown Capital Management, holds a majority stake (57.1%) in the Irish telecommunications firm. Babcock & Brown itself only has an 8% holding in BCM. Any change in ownership at Eircom could result in the refinancing of Eircom's debt - a $4.6 billion package that was itself refinanced just after the credit crunch seized the debt markets in September 2007.

"BCM is in no way being forced to sell Eircom," explains Anthony Kennaway, head of European communications at Babcock & Brown in London. "Regarding the possible sale of Eircom or Golden Pages, the directors have taken the view that the first issue to be addressed was the management agreement. They have always said that they would assess all opportunities that arise that might be in the best interests of BCM shareholders and to focus on optimising the value of our existing investments."

Babcock & Brown's business has unravelled because of its inability to sell assets. Even if BCM does decide to sell Eircom it could struggle to find a buyer.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree