O’Flynn and Blackstone — it’s a deal

Property developer Michael O’Flynn has reached a deal with the US private equity firm that sought to gain control of his empire last year.

Blackstone Capital said yesterday that following constructive engagement with O’Flynn Construction Group in recent weeks, both parties had reached agreement for “a consensual resolution” of their ongoing dispute which dates back to the middle of last year.

A spokesperson for the O’Flynn Construction Group, which is responsible for Ireland’s tallest building ‘The Elysian’ in Cork City, described the deal as a “final agreement” between the two parties both of which, he said, were happy with the outcome and looking forward to finalising the agreement.