Valentia Telecommunications will maintain investment in Eircom at a "level which is in line with its European peers". The commitment is one of a number given by the company to the Office of the Director of Telecommunications in return for her approving the €3 billion (£2.4 billion) takeover of Eircom.

Valentia, which is chaired by Sir Anthony O'Reilly and backed by US leveraged buyout funds, gave the undertaking in a letter to the regulator. It says investment plans already in place will be completed over the next 12 to 18 months, after which capital spending would fall to the level of Eircom's peers.

Valentia has also said that it "intends to continue to run the business of Eircom in broadly its existing form".

The regulator also sought a commitment from the new owners to provide financial and other resources necessary for Eircom to honour its licensing obligations, which include providing universal service.

The undertakings give the regulator comfort that the need to service the €2 billion debt burden taken on by Valentia to fund the takeover will not deflect the group from investing in new services such as broadband. The consortium is in the process of taking control of Eircom and the handover is expected to be completed within the next few weeks.