Davy assets to be sold for up to €605m in three deals

davy assets to be sold for up to 605m in three deals

Sumary of Davy assets to be sold for up to €605m in three deals:

  • Bank of Ireland confirmed on Thursday that it has it has reached a deal to buy Davy’s core capital markets and wealth management businesses for an enterprise value of €440 million, with the possibility of up to €40 million of further payments from 2025, subject to the performance of the business.
  • A large portion of this will come from the agreed sale, also announced on Thursday, of Davy Global Fund Management (DGFM), the company’s fund servicing and fund management arm, to Luxembourg-based peer IQ-EQ.
  • Sources had previously told The Irish Times that this part of the business was worth more than €70 million.
  • The cash pile will also include €19 million that Davy is set to receive from the separate sale of its 63 per cent stake in Rize ETF, a UK-based exchange traded funds business.
  • McKiernan biggest beneficiaryDavy’s former chief executive, Brian McKiernan, who resigned in March as it emerged he was part of the so-called Davy 16, will be the biggest beneficiary from the much-higher-than-expected proceeds from the sale of the firm’s assets.
  • Four other former senior figures who were key players in the Davy 16 trade – one-time chief executive Tony Garry;
  • More than a third of the business is in the hands of about 700 of Davy’s 800-strong workforce, according to sources.

Want to know more click here go to source.

From -

Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close