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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
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
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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