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Blackstone to sell 25 pct in Irish telecoms firm Eircom-source

Reuters - UK Focus

May 20 (Reuters) - Blackstone Group LP has agreed to sell a 25 percent stake in Irish telecoms firm Eircom to hedge fund Anchorage Capital Group, a source familiar with the matter told Reuters.

Eircom said on Tuesday it had rejected a takeover offer of between 3.2 billion-3.3 billion euros from an unnamed bidder because it undervalued the business.

Blackstone (NYSE: BX - news) would retain a 5 percent stake, the source said.

Eircom last year pulled out of a possible initial public offering having appointed investment banks to examine what would have been a third flotation in 15 years. (Reporting by Freya Berry in London and Aashika Jain in Bengaluru; Editing by Sriraj Kalluvila)