Irish Government Announces Plans for Sale of State Assets
February, 2012 - Dublin, Ireland
The Irish Minister for Public Expenditure and Reform has this morning issued a press release in relation to the State asset disposal programme to which the Irish Government has committed under the EU/IMF Irish financial support package. A link to the announcement can be found here.
The key features are:
• Agreement with the EU/IMF for a sale of assets up to a value of €3bn, based on a 'no fire sale' principle
• Pursuit of a sale of Bord Gáis Energy (gas networks and interconnectors remaining in State ownership)
• Decision not to proceed with a sale of a minority stake in the Electricity Supply Board (ESB). A commitment to the retention of ESB as a vertically integrated utility in State ownership
• Sale of some of ESB's non-strategic power generation capacity
• Consideration of the sale of some of Coillte's (state forestry company) assets (excluding the sale of land) when market conditions are favourable
• Sale of the State's remaining (25%) shareholding in Aer Lingus (airline operator) when market conditions are favourable
Timeline according to the Government Press Release:
• End March 2012 - Identification of regulatory, legislative or financial issues which may need to be addressed prior to disposal
• End 2012 - Identified regulatory, legislative or financial issues to be addressed
• 2013 - Commencement of transactions
The EU/IMF has agreed that one third of the proceeds may be used for re-investment into the economy.
Further Information"
For further advice and information, please contact your usual A&L Goodbody Partner or any of the following:
Ross Moore, Energy & Projects, T: +353 1 649 2117, E: [email protected]
Kevin Feeney, Energy & Projects, T: +353 1 649 2241, E: [email protected]
Mark Ward, Corporate and M&A, T: +353 1 649 2208, E: [email protected]
Paul White, Corporate and M&A, T: +353 1 649 2312, E: [email protected]
Cian McCourt, Head of New York Office, T: +1 (212) 582 4499, E: [email protected]
Julian Yarr, Managing Partner, T: +353 1 649 2455, E: [email protected]
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