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Smurfit in Talks on Gannon Stake in K-Club;Sale Said to be Close

Feb. 7 (Bloomberg) -- Michael Smurfit, one of Ireland’s richest men and former chairman of Smurfit Kappa Group Plc., is in talks to acquire Gerry Gannon’s stake in Ireland’s K-Club golf course, according to a spokeswoman for Smurfit.

Smurfit bought the development with Gannon in 2005. The Ryder Cup was held the next year at the Straffan, Kildare-based course, west of Dublin.

Some of the loans associated with the resort are controlled by the Dublin-based National Asset Management Agency, a person familiar with the matter said. An agreement to sell the stake is close to being reached, said the person, who declined to be identified because the process isn’t yet complete.

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To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net

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