Publicly-listed firm acquires mid-sized rival
One of Australia’s three ASX-listed firms has bought out a two-office practice with similar specialities.
Personal injury giant Shine Legal announced its acquisition of Western Australian firm Bradley Bayly Legal for a consideration of $13.28 million.
In an ASX announcement, Shine managing director Simon Morrison said the move would shore up the firm's west coast presence.
"In addition to meeting our strategic acquisition criteria, the firm has similar cultures and values and will contribute to Shine's future earnings growth as synergies are realised," he said.
"The acquisition delivers a strategic expansion opportunity and the transaction underscores our commitment to becoming the leader and provider of choice in Western Australia."
Bradley Bayly Legal has offices in Perth and Albany, and employs around 20 lawyers.
According to the announcement, the deal will be largely debt-funded with a small scrip component of $1 million.
The transaction is expected to be finalised by 14 August 2015.
Shine Lawyers, a personal injury and consumer law firm, went public in 2013. Other listed firms in Australia include Slater + Gordon and IP Holdings (formerly Spruson & Ferguson).