Davy set to hand employees €40 million as firm repays loans
Davy, Ireland’s largest securities firm, is poised to hand employees about €40 million as it repays loans linked to its 2006 management-led buyout.
The repayment is 1.8 times what workers lent the company to help finance its leveraged buyout from Bank of Ireland, including interest, which accrued at 6 per cent a year. The business was valued at €350 million in the buyout.
Davy is also offering to buy back staff equity holdings at eight times...
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