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Blackstone to sell 25% Eircom stake to Anchorage

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LONDON (ShareCast) - US private investment banking company Blackstone (NYSE: BX - news) has agreed to sell a 25% share in Ireland (Other OTC: IRLD - news) 's Eircom to US hedge fund Anchorage Capital Group, Reuters said on Wednesday. If the sale is completed, Anchorage would become the company's biggest shareholder with nearly a 33% stake, while Blackstone would retain 5%.

This announcement came a day after the Irish telecom firm announced it had rejected buyout offer for an aggregate price in the range of €3.2bn to €3.3bn.

The indicated price range was said to have undervalued the group.

"While the bidder was very credible, the board believed that, with the business reaching an inflection point, the indicated price range undervalued the group. The matter is therefore not being progressed," the company said in a statement.

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