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Advised on M&A Plc Deal of the Year 2011
Matheson, adviser of choice to international companies and financial institutions doing business in and through Ireland, advised State Street on its takeover of Bank of Ireland Asset Management. This deal won the "M&A (Plc) Deal of the Year Award" at the Finance Dublin and Finance Magazine Deals of the Year Awards 2011.
State Street’s €57 million acquisition of Bank of Ireland Asset Management from Bank of Ireland reflects the M&A activity that is being created by the restructuring and consolidation of Ireland’s domestic financial institutions. This deal is seen as a positive endorsement of the Irish financial services sector by a major global player.
Partner and Head of the Financial Institutions Group, Tim Scanlon led the team that advised State Street. Tim commented that: "This deal is one of a series of transactions which are a consequence of the terms upon which certain Irish financial institutions have been recapitalised, a process set to continue for at least the next two years. Ultimately, these deals will significantly alter the Irish landscape in financial services. The presence of large global players such as State Street in the Irish market and the continued investment by them in their Irish businesses is nevertheless a very positive thing for the Irish economy in the current climate."