Financial services group Cantor Fitzgerald Ireland is to acquire competitor Merrion Capital, creating the second biggest brokerage firm in the country.
The deal, which requires Central Bank approval, will see Merrion's business transfer to Cantor, with the combined firm employing around 220 people.
The business will continue to operate under the Cantor Fitzgerald name, with Ronan Reid remaining as CEO.
"Last year was a really good year for our business and it's continued on this year - we would expect the Merrion team to be a great addition to our own team," said Mr Reid.
Cantor Fitzgerald offers a range of services including stockbroking, corporate finance and portfolio management. It is part of a New York-based group that has 7,000 institutional clients around the world.
Merrion Capital was established in 1999 and operates three subsidiaries; Merrion Stockbrokers, Merrion Investment Managers and Merrion Corporate Finance.
"Critical mass is easier to attain through acquisition - businesses have become regulatory-bound and compliance orientated so acquiring a business is an easier one," said Mr Reid.
"You also get quality and depth of people - it takes a long time to hire people and secure clients and all the other aspects of the business , therefore it's logical that you see consolidation.
"It's been talked about a lot in the financial services industry; generally there are fewer stockbrokers, fewer banks and so it makes sense. Our business has been growing so therefore we're playing the role of the consolidator."
Merrion CEO Pat O'Neill said the move allows Merrion's team to "build scale and deepen our product offering for existing clients in all areas of our business."
Last year Cantor acquired international consultancy group L&P Group, which specialises in providing advisory services to charities and not-for-profit organisations.
