Boston-based firm Liberty Mutual Insurance Group pays more than €100 million to acquire a 49% stake in Irish Bank Resolution Corporation
Boston-based firm Liberty Mutual Insurance Group is believed to have acquired a 49% stake in its Irish business that was owned by Irish Bank Resolution Corporation (IBRC). The said stake is valued at more than €100 million, according to The Irish Times.
The Liberty Insurance shares were acquired from IBRC special liquidators. The shares have been held by Tutelana Ltd, a wholly-owned subsidiary of IBRC, the report detailed.
In November 2011, Liberty acquired a 51% stake in its Irish business in a €102-million deal. IBRC provided €99 million as part of the recapitalization. Under the terms of the original transaction, Liberty Insurance had the right to buy out IBRC within three to five years. However, when the State liquidated the bank in February, that timeframe was accelerated, the report explained.
Since taking over the said business, Liberty has cut the company's workforce from 1,450 to 1.050. However, positive news is coming as its US parent firm is set to create 150 new tech jobs in Dublin, Ireland. These jobs will be added over the next two years at the company's office in Blanchardstown, The Irish Times reported.