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AFL acquisition of Watts McCray completed

Listed family law practice AF Legal has completed its acquisition of NSW firm Watts McCray, which it says makes it the first national specialist family law firm in the country.

user iconJerome Doraisamy 17 June 2021 SME Law
AFL acquisition of Watts McCray completed
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In a statement to ASX on Wednesday, 16 June, AF Legal Group (ASX: AFL) – also known as Australian Family Lawyers – issued 308,948 shares as consideration for the acquisition, representing half of the upfront share consideration, with the balance pending post-completion working capital adjustments.

The consideration shares, the firm said, “rank equally in all respects with existing fully paid ordinary shares of the Company. On completion all existing Watts McCray debt facilities were extinguished”.

 
 

The vendors of Watts McCray are entitled, the firm continued, to “receive further deferred share consideration of up to $1.125m paid in three annual instalments subject to minimum performance conditions at the completion of the financial periods ending 30 June 2021, 30 June 2022 and 30 June 2023”.

AFL executive chairman Grant Dearlove (pictured) said: “We are pleased to welcome Watts McCray to the team and we look forward to working together to provide a broader depth of services to Australians and foreigners seeking Family Law Advice.

“AFL is now not only the first national specialist family law firm in Australia, we are the largest by scale giving us a competitive advantage to grow our market share.”

AFL first announced its acquisition of Watts McCray in March 2021, with the deal being formalised in April.