Telefónica sells its Irish business to local rival for €850M

“The total deal amounted to 850 million euros, including an initial cash payment of 780 million” that has been received, and a suplementary 70 million euro instalment, Telefonica said in a statement to the Spanish exchange.

The result from the operation will be a new network with around 40% of the total market share in Ireland, over two million customers. In this sense, Brussels authorities were concerned that the deal would remove an important competitor from the Irish market to the disadvantage of consumers.

Telefónica’s debt reduction will be recorded in the 3T2014. The transaction has no impact on 2014 results.

 

 

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