Denis O'Brien sells Digicel's telecoms business in the Pacific for €1.59bn

Denis O'Brien said the deal marks a successful realisation of a strategic investment following Digicel's entry in the South Pacific in 2006. File Picture: Leah Farrell/RollingNews.ie

Denis O'Brien's Digicel is to sell its mobile business in the Pacific region to Australian firm Telstra in a deal that values the company at $1.85bn (€1.59bn).

The deal is being largely funded by the Australian government and is seen as a way to contain China's rising influence in the region.