Telecoms

Denis O’Brien to give up control of Digicel in exchange for debt reduction

Bond creditors will swap almost €2 billion of the group’s borrowings for an equity stake

Denis O’Brien is expected to remain one of the largest individual shareholders in the company once the deal is completed. Picture: Getty

Denis O’Brien is set to lose control of Digicel, the telecoms giant which he founded, as part of a plan to cut the company’s debt.

The company said in a statement issued overnight that bond creditors will swap $1.8 billion (€1.7 billion) of the heavily-indebted group’s borrowings for an equity stake in the business.

Digicel said that O’Brien will “remain actively involved in the business as a director and retain an equity interest”.

The company ...