On January 30, 2012, the Irish Independent reported that asset management group Investec’s Irish division is to acquire Dublin-based broker and wealth manager NCB Stockbrokers for approximately €32 million.
On January 30, 2012, the Irish Independent reported that Investec’s Irish arm is to acquire Dublin-based NCB Stockbrokers Ltd., which does business as NCB Group and engages in brokerage and wealth management businesses. Investec is a listed South Africa-based international banking and asset management group. Investec Ireland is based in Dublin, Ireland and provides financial services to high net-worth individuals, Irish and international corporate customers, and institutional investors. Investec Ireland will pay €32.35 million in cash for NCB, €8 million of which will go to The Quinn Group, which has a 25% stake in the broker. The remainder of the purchase price will go to 40 employee-shareholders. The purchase price represents NCB’s net asset value of €28 million plus a 15% premium for goodwill. The NCB staff will move into Investec’s offices and the NCB name will eventually disappear. The deal is subject to regulatory approval and is expected to close during the second quarter.
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