O'Brien's €45.5m takeover of Siteserv approved

The Competition Authority yesterday gave its approval for Denis O’Brien’s takeover of Siteserv.

Mr O’Brien is buying the construction and utility services group’s businesses for €45.5 million through an Isle of Man company called Millington.

Shareholders backed the deal at a meeting last month and voted on May 10th to delist the company from the Dublin and London stock exchanges.

Yesterday, Siteserv confirmed that the Competition Authority had approved the proposed sale of the group to Millington.

However, the company’s statement added that, as the authority classed the sale as a media merger, it was open to Minister for Enterprise Richard Bruton to direct the authority to carry out an investigation into the deal’s potential impact on media ownership in the State.

Mr O’Brien owns a number of local and national radio stations and holds a 29.9 per cent stake in Independent News Media.

The next step in the sale process requires Siteserv to call a third extraordinary general meeting to appoint a liquidator.