Legal and professional services business Gordon Dadds Group Plc’s (LON:GOR) has agreed to acquire the international network of law firms, Ince & Co International LLP for £34mln, creating the largest listed law firm in the UK by revenue
AIM-quoted Gordon Dadds said the merged entity would become a top 40 UK legal firm and trade as Ince Gordon Dadds LLP.
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Dadds said on Monday that the consideration for the acquisition would equate to a percentage of the turnover generated by the equity partners of Ince & Co International LLP over the three years from completion. This is estimated to be £34mln.
Dadds said it would also issue to the members of Ince & Co International LLP an aggregate of up to 3mln options to subscribe for ordinary shares in Gordon Dadds at 140p which will vest on the third anniversary of completion.
The new firm will be led by Gordon Dadds' managing partner & CEO, Adrian Biles, supported by Peter Rogan, Ince’s chairman and the heads of the merged firms' offices and business units and the Gordon Dadds management team.
The newly merged entity will be headquartered in London’s Aldgate Tower and will have aggregated revenues of over £110mln, with 100 partners and offices in nine countries, Dadds added.
"Ince is a highly successful and well-respected business with an iconic brand and I will be delighted to welcome our new colleagues to the Group,” Adrian Biles, Gordon Dadds' managing partner & CEO said it a statement, adding that the deal would likely complete by the end of 2018.
"The merger will build upon the complementary strengths of the two firms in terms of industry expertise and range of services. Our management model will also allow Ince's partners and fee earners to focus even more on providing market leading legal advice to a stellar client base.”