Michael D. Higgins
Ceist:44 Mr. M. Higgins asked the Minister for Public Enterprise the position in relation to the sale of Cablelink; and if she will make a statement on the matter. [9128/99]
Written Answers. - Cablelink Sale.
The full disposal of Cablelink, which is owned by Telecom Éireann and RTE, is being pursued through a trade sale process.
An information memorandum, which outlines Cablelink's existing businesses, plans for its future development, the current regulatory environment and a financial overview, was sent to over 30 potential bidders who had previously expressed an interest in the company. These potential bidders had signed confidentiality agreements and were given a deadline of 10 March for submission of indicative offers.
Five indicative bids were received by the deadline ranging in amounts from £250 million to £360 million. The bidders, in alphabetical order, are Cable Management Ireland Limited, Esat Telecom Group plc, NTL Incorporated, TCI Telecommunications Ireland Limited and United Pan-Europe Communications Services Limited. All five bidders were chosen to go through to phase 2 of the sale process and are currently involved in detailed "due diligence" in relation to the company. Following this process, they will be asked to submit their final offer for the company. A preferred purchaser will then be selected with whom negotiations will proceed to conclude a sale of the company. The sale process, subject to final regulatory approvals, is expected to be completed by late May 1999.