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UK personal injury group buy boosts law firm Slater and Gordon

#1 User is offline   hukildaspida 

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Posted 22 May 2015 - 05:30 PM

UK personal injury group buy boosts law firm Slater and Gordon

Jane Harper
Herald Sun
March 31, 2015 12:00AM



http://www.heraldsun...e-1227285300867

LAW firm Slater and Gordon is set to become the UK’s biggest personal injury group after striking a billion-dollar takeover deal.

The law firm, which in 2007 became the first legal group to list in Australia, has snapped up the professional and services division of English lawyers Quindell for £637 million ($1.2 billion).

Slater and Gordon has experience in the UK market, having bought its first British law firm in 2012.

It now employs as many staff in the UK as it does in Australia.

Slater and Gordon managing director Andrew Grech said the deal to acquire the division of Quindell — known as PSD — would deliver significant value for shareholders.

He said PSD was a leading personal injury firm in the UK. “The combination of Slater and Gordon and PSD creates the No.1 personal injury law group in the UK,” Mr Grech said.

“It further diversifies our sources of legal work, broadening access to claims management companies, insurers and insurance brokers.”

Of the proposed $1.2 billion price tag for the Quindell business, $890 million will be raised from Slater and Gordon shareholders and the rest will be underwritten by bank debt. The deal requires UK regulatory approval and if successful, should be completed by May.

The group chalked up a net profit of $33.7 million for the six months to December, up 46.5 per cent.

Slater and Gordon shares were in a trading halt yesterday and last traded at $7.55.
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