The fateful day was the 6th of October 2015. That was when Denis O’Brien started to lose full control of Digicel, his trophy asset. O’Brien had spent the previous six months working on an initial public offering (IPO). The idea was to sell 39 per cent of Digicel (which is 92 per cent owned by O’Brien) on the public market, and use the proceeds to pay down Digicel’s debt. The IPO was set to raise about $1.7 billion, which would have valued O’Brien’s remaining stake at about $3 billion. Of the proceeds, $1.3 billion was earmarked for cutting debt. But…

Join The Currency

INTRODUCTORY OFFER: Full annual membership for just €200.

Don’t miss out on what is going on with our daily unique stories from our team of skilled journalists and insightful commentators.

Members of The Currency get full access to over 4,000 exclusive interviews, investigations, and analysis, plus over 460 podcasts.

Annual membership is just €200 for the first year, a saving of €100.

Or try The Currency for the first month for a special introductory rate of €5, a saving of €20.

Cancel at any time.

To become a member today click here.