Deal marks further shrinking of businessman’s empire as Australian financial services giant Macquarie to pay €400m for facility
Last month, Denis O'Brien saw his stake in Digicel fall to 10 per cent as a group of bondholders took control under a €1.57 billion debt-for-equity-swap. Illustration: Paul Scott/Irish Times Graphics
Representatives for the Beacon, Mr O’Brien and Macquarie declined to comment on the value of the deal. This put the company on a firmer financial position and able to take on loans from Bank of Ireland, which would grow from €13.8 million at the end of that year to €88.5 million by December 2022, said financial statements for Beacon Medical Group Sandyford Limited, the company behind the hospital.
At the end of 2022, the Beacon owed Mr O’Brien – who now owns 80 per cent of the business through another ultimate holding vehicle, called Sayum Holding Corporation – and minority shareholders, led by chief executive Michael Cullen and fellow hospital co-founder Prof Mark Redmond, some €98 million. Splitting the debt along the lines of ownership suggests O’Brien is owed €78.4 million.
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