Digicel, founded and owned by Denis O'Brien, is on track to use most of the $1.6 billion upfront proceeds from its Pacific unit sale to reduce debt burden.Businessman Denis O’Brien’s Digicel said on Thursday that it has completed the sale of its Pacific unit for an upfront payment of $1.6 billion , after it agreed to enter arbitration to resolve a surprise Papua New Guinea tax bill that landed after the deal was struck.
The Telstra deal, which is backed by funding from the Australian government, also involves a further $250 million consideration, subject to the business meeting certain earnings targets in the coming years. Digicel confirmed on Thursday that it and PNG have agreed to enter into a binding international arbitration process in Singapore to resolve the disputed one-time exit tax. The company has placed some $99.4 million in escrow, pending the outcome of the case.
The ogliarch of Ireland with his tax breaks, his nama purchases and his handy govt contracts makes yet more money eh
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