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What next for Goodbody after second failed Chinese deal?

Samantha McCaughren


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Goodbody managing director Roy Barrett. Photo: Sportsfile

Goodbody managing director Roy Barrett. Photo: Sportsfile

Goodbody managing director Roy Barrett. Photo: Sportsfile

That a deal should fall through during a pandemic is not a huge surprise. But that Goodbody's sale to a Chinese buyer has fallen through for a second time is something of an embarrassment to executives at the firm in any circumstances.

When the original sale to a consortium led by Zhong Ze Culture Investment Holdings fell through in early 2019, it was clear that Kerry-based financial services company Fexco, a majority shareholder in Goodbody, would still want an exit. It was less clear that Goodbody would bank on a Chinese buyer again.

A new sale process began in the spring of 2019 and by May three interested parties emerged: Bank of China, Irish Life owner Great-West Lifeco and Goodbody's long-time rival Davy.