ntl Irish telecom operations sold for €325m
# May 9, 11:56 PM by Mick
ntl has announced that it has completed the sale of its telecommunications operations in the Republic of Ireland to MS Irish Cable Holdings B.V., an affiliate of Morgan Stanley, for a price of EUR 325 million. ntl intends to use the net sale proceeds to repay principal amounts outstanding under its senior credit facility in accordance with the terms of that facility.
ntl’s division in the Republic of Ireland is the largest cable operator in the country, offering cable television and broadband services to residential customers and managed network services to corporate customers.
Simon Duffy, Chief Executive Officer of ntl, said, “We are very pleased to have sold our division in the Republic of Ireland on these terms. This transaction reinforces our commitment to maintaining a clear focus on growing and improving our UK communications and content distribution businesses. I would like to thank everyone in ntl Ireland for all they have contributed and achieved over the past several years. They have built a strong business and we wish them continued success.”