FEXCO in €24m Goodbody deal

FEXCO is to purchase AIB’s stockbroking arm, Goodbody, for €24 million in an intricate deal which will see senior management at the brokerage get a 25% stake in the firm and as many as 55 staff lose their jobs.

Yesterday, AIB and FEXCO issued short statements revealing they have signed an agreement which will result in FEXCO acquiring AIB’s entire shareholding in Goodbody Holdings Limited and associated companies, including Goodbody Stockbrokers for a cash consideration of approximately €24m.

The deal is subject to the regulatory approval of the Central Bank and Financial Regulator.