GIC rushing in after Temasek got taken to the cleaners

In GIC, S'pore Inc, Telecoms, Temasek on 11/06/2016 at 9:56 am

Second time lucky? S’pore Inc trying its luck (with our money) at the roulette wheel again?

I’ll let the FT tell the tale:

GIC, the sovereign wealth fund of Singapore, plans to buy a large minority stake in Irish telecoms group Eir, in a deal that is expected to value the former state monopoly provider at more than €3.3bn.


The Eir deal would mark the second time in less than a decade that a Singaporean investment fund has taken an interest in Eir, which has been traded between investors and debt holders in a convoluted series of deals and flotations over the 16 years since it was privatised.

In 2012, the senior lenders of Eircom took control of the Irish group following a restructuring of its €4bn of debt, which slashed about €1.7bn of borrowing from its balance sheet but also wiped out the previous shareholders including Singapore Technologies Telemedia (STT) — owned by Singaporean investment arm Temasek — and all the more junior levels of debt holders.

Reminds me of “Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better,” Samuel Beckett.

Temasek and Eircom


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