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Geoff Percival
The estimated $ 150 million takeover of the country's second-largest brokerage firm, Goodbody, by a consortium of strategic Chinese investors, has been confirmed.
Goodbody, the state's oldest brokerage firm, reportedly has been in advanced talks about its future ownership since the beginning of the year. Its takeover, which requires regulatory approval, is expected to be finalized by the end of the year with 100% coverage of the Chinese consortium.
Goodbody is currently 51% owned by the financial services group Kerry Fexco. the remaining 49%. The company will continue to be regulated by the Central Bank, retain its brand and staff, continue to be headquartered in Dublin and will continue to be led by Managing Director Roy Barrett and his current management team.
investment holding company Zhongze Group leads the purchase consortium; backed by private investor Pioneer Century and JIC Trust, financial advisor to Zhongze, an badet management company wholly owned by the Chinese sovereign fund CIC
. Goodwin and his four co-owner brokers shared the windfall.
The new owners of Goodbody will use the company as a platform from which they can grow internationally, they said.
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