Millionaire Irish businessman, Mr Pearse Flynn, best known for selling Newbridge Networks to Alcatel for $7 billion (€7.7 billion) last year, has been appointed chief executive of a new multinational telecoms business called Damovo.

Damovo, which was created from the sale of Ericsson's enterprise sales business to UK private equity group Apax Partners in March, will be officially launched later this week in London.

The company, which has yearly revenues of €1 billion (£790 million) and operates in 19 countries, employs at least 120 people in three centres in the Republic including Dublin, Cork and the west.

Mr Flynn, who earlier this year expressed an interest in purchasing Eircom, told The Irish Times yesterday the new position was a "tremendous challenge".

"We're going into the market when everyone else is leaving the sector but importantly we're not focused on carriers," said Mr Flynn. "Some 40 per cent of out business is in services.

"My objective is to take the company to the public markets within two years or sooner if the markets bounce back," he added.

The company has recently completed an acquisition in Australia which is due to be announced shortly, according to Mr Flynn.

He said he had invested in Damovo but declined to reveal what stake he had taken up in the firm.

Last month Mr Flynn was among a group of Irish investors who each made a £1 million sterling (€1.6 million) investment in Celtic Football Club. A lifelong Celtic fan, he said yesterday that Celtic was the largest football brand next to Manchester Utd.

Mr Flynn said he decided not to invest in Eircom earlier this year because he felt he could make a better return by taking the top position at Damovo.

He said the new owners of Eircom would have a challenge to face. ...