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News : Irish Last Updated: Jan 27, 2012 - 8:29 AM


South African financial firm Investec buys Ireland's NCB Stockbrokers
By Finfacts Team
Jan 27, 2012 - 8:05 AM

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South African financial firm Investec announced today that it has agreed to buy Ireland's NCB Stockbrokers  in a deal that could be worth up to €32m.

The consideration for the shares will be an amount equal to €4.35m plus the net asset value of Neontar Limited, owner of NCB, as at completion, to be satisfied by Investec Ireland in cash. Investec said there may also be deferred payments to the sellers, dependant on the recovery of certain amounts by NCB.

Net asset value of Neontar Limited is estimated to be Net asset value of Neontar Limited is estimated to be €28m.  

The sellers are Quinn Financial Services Holdings Limited, Narcissus Limited, Conor O'Kelly, Ben Conte, Breffni Byrne, Martin Doyle, Paul Chew, John Sheehan, Alan Duff, Nigel Poynton, Greg Dilger, Eddie Clarke, Tommy Conway, Brian Delaney, Liam Booth, Graham O'Brien, Ed Murray, Brian Bolger, Bobby Hasset, Andrew Ennis, Michael Murphy, Fiona Mulhall, Paul Cullinane, James Sheeran.

NCB currently employs 120 people and manages about €1.3bn of private client funds.

Investec Ireland chief executive Michael Cullen said NCB's business would complement its capital markets business in Ireland. “The transaction will provide a strengthened and diversified offering to both sets of our clients, bolstering Investec’s capability to become one of Ireland’s leading specialist banking groups," he said.

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