Vol. 470 No. 6
24 Mr. S. Brennan asked the Minister for Transport, Energy and Communications the effective final contract date for sale of 20 per cent of Telecom Éireann to Dutch and Swedish interests; and if he will make this document available to Dáil Éireann. [19561/96]
The Telecom Éireann strategic alliance transaction is now moving towards closure. The principal transaction documentation was signed on 26 July. However, before the alliance deal can take effect a number of enablers must be put in place.
The alliance transaction is subject to the standard competition clearance procedures of the EU. This process is on-going.
In addition, the Telecommunications (Miscellaneous Provisions) Bill, 1996 which is currently before the Oireachtas, makes the necessary legislative amendments to enable the sale of equity in Telecom Éireann.
It is likely that the alliance transaction will conclude before the end of this year. At that stage the purchase by the strategic partner of the first tranche of equity under the agreement can take place.
The alliance agreement is confidential to the Irish Government, Telecom Éireann and KPN/Telia. This is the normal commercial practice in such arrangements. However, the main terms and features of the strategic alliance agreement were made public at the time of signing last July.
