Eircom Holdings Limited, formerly Babcock & Brown Capital, has accepted a buyout offer from Singapore-based telecommunications company STT, Eircom said in a statement issued Monday.
Eircom said in a statement that the STT offer was equivalent to A$1.335 per share, a 20.2 percent premium to the A$1.11 closing price on 24 June, when STT announced its initial proposal.
As part of the deal, Temasek-backed STT, or Singapore Technologies Telemedia, will acquire all the shares of Eircom, according to the statement.
Eircom is the 57.1 percent owner of Irish telecommunications company eircom Group, which Babcock & Brown Capital bought in an $8 billion deal in 2006. The 57.1 percent stake represents an equity investment of about A$448 million, according to Eircom Holdings’ website.
eircom Group chief executive officer Paul Donovan said Eircom Holdings’ acceptance of the offer “brings important clarity to the ownership speculation that has been hanging over the Group for much of 2009”.
Eircom Holdings was until recently named Babcock & Brown Capital. The fund was managed by fallen investment bank Babcock & Brown until April, when shareholders voted to terminate their management agreement with Babcock. After the separation, the firm rebranded as Eircom Holdings.
Aside from eircom, Eircom Holdings also owns 100 percent of Golden Pages, an Israeli directories business.