Telcos Eye Up BT’s €460m Irish Unit As Parent Firm Exits Ireland

Ireland’s top telcos Vodafone, Virgin and Three have been touted as possible buyers of BT’s €460 million Irish unit, which the UK telecoms giant is selling off as part of a global restructuring of its business, the Irish Times reported. Australian investment company AMP Capital, which manages the State-backed Irish Infrastructure Fund, was also flagged as a possible buyer while other industry sources speculated the business may end up in private equity hands. BT has so far refused to comment on reports of the sale, which has been linked to an accounting scandal at its Italian unit. The company has hired Bank of America Merrill Lynch to conduct the sale. Sources suggested the sales process has been under way for some time. Read more