A Chinese consortium led by the Zhongze Group has agreed to take complete ownership of Irish stockbroker Goodbody for an undisclosed sum.
The consortium will acquire Goodbody from its existing 51% stakeholder Fexco, and its employees and management who collectively hold a 49% stake in the business.
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Goodbody will continue to be based in Dublin following the takeover. The firm will also retain its senior management team and other employees as well as its brand.
Goodbody China deal
Goodbody said that the new ownership will speed up its expansion plans in Ireland and the UK and enable its clients gain access to a new corporate and institutional partnership network in China.
On the other hand, it will enable the consortium to leverage Goodbody’s investment banking, wealth management and asset management services.
The deal is expected to be wrapped up by the end of this year, subject to regulatory nod.
Goodbody managing director Roy Barrett said: “This acquisition represents an extremely exciting next chapter for Goodbody and its clients, and gives our business an even stronger and more international platform from which to grow. It also facilitates the creation of a bridge from east to west and vice-versa for institutional capital seeking opportunities in both regions.
Goodbody China deal
“We have been very fortunate to have had such a strong and high-calibre partner in Fexco since 2011, which has always provided significant and consistent backing to our business during that time.”
