Listed firm Gordon Dadds plc today confirmed the acquisition of international practice Ince & Co in a deal which is expected to be worth up to £43m.
The new firm will take on a new name, Ince Gordon Dadds LLP, once the acquisition is completed at the end of December.
The deal creates the UK’s largest listed law firm by revenue and is a significant milestone in terms of a floated legal entity entering the top 50 market for the first time. Aggregated revenue is estimated at £110m, with the merged firms having 100 partners and offices in nine countries.
Adrian Biles, Gordon Dadds’ managing partner and chief executive, said: ‘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.
‘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.’
Gordon Dadds says it has agreed in principle to acquire all of the Ince equity partners’ interests in the firm. Consideration will equate to a percentage of the turnover generated by the equity partners of Ince & Co over the next three years, which the plc says will amount to £34m.
Gordon Dadds will also issue up to three million options to Ince members to subscribe for ordinary shares in the company at 140p, which will be theirs after the third anniversary of completion and may be exercised at any time up to the end of December 2028.
Gordon Dadds will also settle the capital and current account balances (estimated at £9.1m) due to members from the entities acquired.
The firm has gained a growing profile in recent years after a spate of acquisitions and its public listing in August 2017. Last week, the firm was giving greater exposure through its representing the Telegraph in ABC and others v Telegraph Media Group, where the court granted an interim injunction preventing the Telegraph from publishing details about a businessman alleged to have sexually harassed and racially abused employees.