Bank of Ireland Picks up US Money Manager

May 16, 2002 ( - Bank of Ireland Group has worked out a deal to acquire a majority interest in the US-based Iridian Asset Management in an effort to get into America's domestic equities market.

According to a Reuters news story, the agreement calls for Bank of Ireland to obtain 61% of Iridian with the option to buy the rest of the company.

Bank of Ireland said the acquisition of the Connecticut-based Iridian was “very significant from a tactical and strategic point of view.”

Bank of Ireland agreed to pay $177 million immediately another $24 million at a future date.