Bank of Ireland to buy Davy in €605m deal

The deal is the culmination of a sales process the stockbroker started after it was hit with a record Central Bank fine

Davy put itself up for sale earlier this year in the aftermath of a damning Central Bank investigation into a bond trade that took place in 2014. Picture:

Bank of Ireland has announced a deal to buy Davy, the embattled stockbroking firm, for an overall sum of €605 million.

The deal is made up of a price for the business of €440 million, 75 per cent of which will be paid up front and the rest two years later, subject to certain conditions.

On top of that, the bank will pay €40 million some time after 2025, depending on the business hitting certain ...