SLATER AND GORDON FINALISE $1.23B DEAL

SLATER AND GORDON FINALISE $1.23B DEAL

SLATER and Gordon Limited (ASX:SGH) has finalised its $1.23 billion acquisition of UK legal technology company Quindell.

The firm signalled its intention to purchase the company's Professional Services Division (PSD) in March, and was given the green light by British regulators last month.

Slater and Gordon managing director Andrew Grech (pictured) says the acquisition will allow the firm to leverage Quindell's platform of businesses.

"Since the transaction was announced in March our senior executive team led by Ken Fowlie has been working very closely with our new colleagues," Grech says.

"Through this process we have been able to confirm the findings of our extensive due diligence work.

"We all recognise the challenges ahead but remain very confident that we can deliver the performance required to underpin the strategic rationale for the transaction.

"We welcome the PSD team and look forward to working with them to execute on this transformational opportunity."

Grech says the PSD is expected to be more than 30 per cent earnings per share accretive in the first year of full ownership.

The deal will allow the firm to diversify its source of legal work by entering the £2.5 billion personal injury market in the UK.

Quindell non-executive chairman Richard Rose says the sale heralds an end to a period of uncertainty for the company.

"This represents a significant milestone in the transformation of Quindell," Rose says.

"We are pleased to be able to put in place a board with the skills necessary to guide Quindell as it begins life as a very different company."

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

The Star “cleansing” continues with more management resignations

The Star “cleansing” continues with more management resignations

Evidence given today at a review into casino and resort operator Th...

Queensland casino boss to lead The Star after executive chairman John O’Neill's exit

Queensland casino boss to lead The Star after executive chairman John O’Neill's exit

An executive who has been running The Star Entertainment Group'...

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

Despite recent trading conditions proving disruptive for the reside...

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...