NEW YORK-Esat Telephone Group plc, Dublin, plans a secondary offering of 6 million American Depository Shares that Credit Suisse First Boston, New York, will lead manage.
The carrier hopes to realize net proceeds of about $44 million, which it will use primarily to construct local, national and international infrastructure.
Esat Telephone is a 45-percent owner of Esat Digifone Ltd., a Global System for Mobile communications carrier that is one of two cellular providers in the Republic of Ireland. Telenor, the government-owned telephone company in Norway, also owns 45 percent of Esat Digifone.
As of Dec. 31, nine months after commencing commercial operation, the cellular carrier had 100,000 subscribers, about 3-percent penetration and about 31-percent market share. By the end of March, Esat Digifone had about 130,000 customers.
Eircell, a wholly-owned subsidiary of Telecom Eireann, is the Republic of Ireland’s other cellular carrier. Digifone and Telecom Eireann signed an interconnect agreement that runs through the end of this year, after which they must negotiate a new agreement.
Esat Digifone’s parent, Esat Telephone, also owns 100 percent of Esat Telecommunications Ltd., which provides wireline services for businesses.
