Digicel signs €311m Caribbean deal

DIGICEL, the mobile phone operation owned by millionaire businessman Denis O’Brien, has signed a $408 million (€311 million) deal to fund its expansion throughout the Caribbean region.

The company, which already operates in high-profile sunspots such as Jamaica, the Cayman Islands and Barbados, will use the money to invest in rolling out infrastructure and target new markets. Digicel has an average market share of 60% in the seven countries where it has a presence and is shortlisted for a licence in Trinidad and Tobago.

The deal will be co-funded by leading international banks such as Citigroup, Deutsche Bank and the Canadian Bank of Nova Scotia, as well as AIB and Bank of Ireland.