IL&P completes takeover of Cornmarket Group

Irish Life & Permanent plc has announced today that it has completed the final stage in the acquisition of Cornmarket Group Financial Services Ltd in accordance with the terms of a shareholders agreement dated June 1999.

The total consideration for the company stands at €88.35m, of which €56.25m falls for payment today. The company reported pre-tax earnings of €13.3m for the financial year ended 31 December 2007.