Blackstone to sell 25 percent in Irish telecoms firm Eircom, says source-Reuters

Blackstone Group LP has agreed to sell a 25 percent stake in Eircom to hedge fund Anchorage Capital Group, a source familiar with the matter told Reuters on Wednesday, a day after the Irish telecoms firm said it rejected a 3.3 billion euros buyout offer.

Blackstone (BX.N) would retain a 5 percent stake, the source said.

The sale would make Anchorage the company’s biggest shareholder, Bloomberg reported earlier in the day.

Anchorage entities held an 8.02 percent stake in Eircom, according to the company’s annual report published in June.

Eircom did not immediately reply to request for comment, while New York-based Anchorage could not be reached outside of regular business hours.

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

The Dublin-based firm 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.