O'Reilly to make €45m in two years on Eircom offering

Sir Tony O'Reilly, chairman of Eircom, is set to earn €45m ($56m) from selling his stake in the Irish fixed-line operator he bought in 2002.

O'Reilly owns the share capital of Lionheart Ventures (Overseas), &which is selling its 5.14% stake in Eircom's forthcoming initial public offering (IPO), according to the pathfinder prospectus. The 28.1 million shares will be worth €45m if the IPO prices in the middle of the bookbuilding range.

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