Comms: Eircom saga may soon be over
When Babcock and Brown became one of the highest profile non-bank casualties of the credit crunch, the future of Eircom, the Republic of Ireland's leading broadband provider.
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With Babcock & Brown hanging on by its fingernails, Eircom Holdings (which used to be known as Babcock & Brown Capital) has been living from day to day for a year or so.
But now there is news: Singapore Technologies Telemedia, owners of StarHub in Singapore, the rump of Global Crossing (remember them?) and other leading brands around the world have made an offer which the Eircom board is recommending. It will be voted on in December.
In Singapore, the company says, it has only 87 people at its Group head office: but in its operating divisions around the world there are some 8,000. It has a number of ventures in which it shares ownership with e.g. technology companies such as Japan's NTT.
If the deal goes ahead as expected, Singapore Technologies will become Eircom's fifth owner since it became independent a decade ago.
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