Slater and Gordon Lawyers has announced that it has substantially completed due diligence and executed a formal business purchase agreement to acquire the personal legal services practice leading UK consumer law firm Pannone Solicitors LLP (Pannone).
The $AUD55 million agreement would see Slater and Gordon acquire Pannone’s personal legal services business, including compensation law, family law, wills & estates and private client practices.
Slater and Gordon Managing Director Andrew Grech said the transaction would see Slater and Gordon’s staff numbers in the UK increase by approximately 50 per cent to a headcount of more than 1200.
“We are delighted to announce the proposed acquisition of another high quality UK firm with such a strong reputation, bringing us even closer to our goal of becoming the UK’s leading consumer law firm,” Mr Grech said.
“This acquisition will broaden the legal services we offer and help consumers across a range of different areas within the one integrated practice, as we do here in Australia”.
“Our UK business continues to go from strength to strength,” Mr Grech said.
“Post completion of this transaction, Slater and Gordon will hold the number one or two market share position in most consumer law practice areas.
“We are committed to growing our UK operations because growth means more opportunities for our staff and more resources and services for our clients.”
Mr Grech said Pannone’s reputation and shared values were significant factors in the decision to acquire the firm.
“Pannone practitioners are recognised as leaders in their field.
In addition, we believe that Pannone is an ideal partner that shares our commitment to providing high quality and accessible legal services to everyday people,” he said.
Due diligence has been completed and the transaction approved by the Slater and Gordon Board and Pannone partners. It is expected to be completed in February 2014.
For a full copy of the ASX Announcement click here