Nursing home operator TLC has struck a deal in the region of €55 million to acquire Michael Smurfit's K Club, according to a report in the Sunday Business Post. Negotiations have been in train for several weeks over the five-star Kildare golf resort, placed on the market for €80 million.
Smurfit’s desire to retain ownership of his home on the grounds was understood to be a sticking point in negotiations, the report said. A spokesman for Smurfit said: “There are a lot interested parties and a refined sales process, but nothing definitive yet.”
Bank of China brokers deal to buy €155m Goodbody
According to the Sunday Times, Bank of China, the world’s fourth largest bank by assets, will take an initial 75 per cent stake in Goodbody Stockbrokers in a deal that values the Irish financial services company at €155m. It is understood that Bank of China will acquire Fexco’s 51 per cent stake in its entirety, for €78.5 million, and also buy half the management’s 49 per cent stake for a sum believed to be about €38 million. The remaining management shares will be subject to a three-year performance clause, with the final price paid revised upwards or downwards depending on the profits generated by the business.
Formula 1 investor CVC buys chunk of Guinness Pro14
Private equity giant CVC Capital Partners has bought into the Guinness Pro14, its Irish holding company has confirmed to the Sunday Business Post. The deal is speculated to be worth in the region of £100 million and involve a 27 per cent stake. A Guinness Pro14 spokesman confirmed the deal, but would not comment on the financial arrangement involved. CVC, which also owns 15 per cent of the rugby Six Nations, has notified its intention to invest in the Pro14 to the Irish competition authority, as its owner Celtic Rugby DAC, is registered in Dublin.
Halfords plots Irish expansion with plan for up to 100 garages
Halfords Group, a UK-based car and bicycle equipment retailer and garage operator, is seeking to expand its Autocentre centre in Ireland, a report in the Sunday Independent said. An indicative map produced by the company shows almost 100 garages could be opened here. The plan for the potential Autocentre garages was revealed in the London Stock Exchange-listed company’s latest interim results presentation for the 26 weeks to September 27th.
Broadcom pays $110m Irish tax bill as part of Symantec deal
Broadcom, a Nasdaq-listed chipmaker, paid a $110 million (€99.5m) tax bill to Revenue following its $10.7 billion acquisition of security software developer NortonLifeLock’s enterprise division, according to a company filing made in the US. The group, which had net revenues of $20.84 billion in the fiscal year ended November 4th, 2018, announced it had completed the acquisition of the enterprise division earlier this month.