LONDON (Brand Republic) - Tony O’Reilly, the former rugby star and owner of Independent News and Media, is expected to make a €2.6bn (£1.62bn) offer this week for Irish telecoms company Eircom, with the backing of George Soros.
The offer for the former State-owned telecoms company, which was privatised last year, could spark a bidding war with EIsland, a consortium led by Denis O’Brien, the former chairman of Irish mobile phone operator Esat Telecom. He is expected to announce his bid this week.
Financier Dermot Desmond, who bought London City Airport in 1995, is another contender. He is reported to be considering a bid through his company International Investment and Underwriting.
O’Reilly first indicated an interest in Eircom in November. Now, he has joined forces with four financial backers, including Goldman Sachs and a private equity fund controlled by Soros.
www.eircom.com