Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Denis O'Brien Niall Carson/PA Archive/Press Association Images
Eircom

Denis O'Brien announces end of Digicel interest in Eircom

With Digicel no longer engaged in takeover talks, Eircom will have to come up with an alternative restructuring plan by 18 November.

MOBILE PHONE COMPANY Digicel, run by Irish billionaire Denis O’Brien, has announced an end to its interest in taking control of Eircom.

Digicel had considered making a bid for the telecommunications company, which is carrying debts of around €3.8 billion, last week according to RTÉ.

Heavily-indebted Eircom, majority owned by Temasek unit Singapore Technologies Telemedia (STT), has been in talks about debt restructuring for months, Reuters reports. However, today the company’s most senior lenders were told that the talks concerning a takeover would go no further.

“Denis O’Brien has today informed the First Lien Committee at Eircom that he will not be proceeding with a proposal for the company,” a statement released tonight explained.

The company’s independent investors now have until 18 November to propose a plan to restructure the multi-billion euro debt.

Your Voice
Readers Comments
15
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.