EQT Holdings Limited, the ASX-listed holding company for Equity Trustees, has reached an agreement to sell its investment in its Irish business for a nominal sum. The business will be sold inclusive of cash held for regulatory capital purposes of EUR600,000-EUR700,000. In addition, a managed exit of the regulated activities conducted by the UK business has begun, by transferring clients of the business to alternative Authorised Corporate Directors.
The Irish business is being purchased through a management buyout led by Kevin Lavery (CEO of the Irish business) with additional investment from Irish-based MFM Capital. It is expected the transaction will be completed within the next few months, subject to approval by the Central Bank of Ireland.