Bank of Ireland completes acquisition of Davy 

The deal was done for €427m and will be paid of the net two years, subject to Davy shareholders meeting a number of agreed criteria.

Pictured is the Davy Brokers Offices on Dawson street. Photo: Sasko Lazarov/Rollingnews.ie

Bank of Ireland Group has completed the acquisition Davy, a wealth management and capital markets services.

The deal was done for €427m and 25% (€107m) of the enterprise value will be paid over the next two years after completion, subject to Davy shareholders meeting a number of agreed criteria.

“Clients from both organisations will benefit over time from enhanced product and service offerings from our businesses, two organisations with long histories of supporting clients across the personal, business and corporate landscape in Ireland,” said outgoing Group Chief Executive of Bank of Ireland Francesca McDonagh.

Along with the KBC Bank Ireland portfolios transaction, which recently received Competition and Consumer Protection Commission approval, completion of this acquisition demonstrates further strategic progress Bank of Ireland, it said in a statement.

In addition, Bank of Ireland will also pay for excess cash which amounts to €126m, following the sale earlier this year of Davy Global Fund Management and Davy’s shareholding in Rize ETF. A further payment of up to €40m will be payable from 2025, contingent on future business model performance.