Bank of Ireland completes acquisition of Davy

Bank of Ireland has completed the acquisition of Davy’s wealth management and capital markets business for €427 million.

For the acquisition, announced last July, Bank of Ireland will pay a quarter of the value of the company two years after the transaction closes, subject to shareholders meeting a set of agreed criteria.

Bank of Ireland will also pay €126m in excess cash following the sale of Davy Global Fund Management to investment group IQ_EQ and the sale of Davy’s stake in Rize ETF to AssetCo.

A further 40 million euros will be due from 2025 “depending on the future development of the business model”.

Davy currently manages around EUR 20 billion in client assets and employs over 800 people. The company has offices in Dublin, Cork, Galway, Belfast and London.

The Bank of Ireland’s dedicated Wealth and Insurance Division currently manages over €22.5 billion in client assets

“As the unrivaled Irish leader in wealth management and capital markets, we are ambitious for Davy’s future within the group. Closing the transaction today is a fantastic addition to our franchise and business model,” said Chief Executive Francesca McDonagh.

She added that customers from other organizations would benefit from “expanded product and service offerings.”

Commenting on the acquisition, Bernard Byrne, Davy’s Chief Executive, said, “This is an exciting milestone for both organizations and an opportunity for us to significantly enhance the support we can offer our clients with their growth plans and ambitions.”

https://www.independent.ie/business/irish/bank-of-ireland-completes-davy-acquisition-41709087.html Bank of Ireland completes acquisition of Davy

Fry Electronics Team

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