Australian plaintiff’s firm Slater & Gordon, the world’s only publicly-listed law firm, is raising $64 million in new capital to fund the acquisition of three British law practices as well other planned expansion in the U.K.
Melbourne-based Slater & Gordon will pay $36 million for Leeds-based Simpson Millar, which has 10 offices across the U.K.; Liverpool’s Goodmans Law; and the Cambridge-based personal injury practice of London’s Taylor Vinters. The acquisitions are expected to close in the last quarter of 2013.
The capital raising will include a $59 million placement with institutional investors, with $5 million in shares offered to individual investors in Australia and New Zealand. Arnold Bloch Leibler is acting as Slater & Gordon’s counsel on the deal, with Macquarie Capital (Australia) Ltd. acting as sole underwriter on the placement.
The firm, which first entered the British market last year through its $85 million acquisition of personal injury firm Russell Jones & Walker, says it will use most of the additional capital for further acquisitions in the U.K.
“The capital raising provides us with the financial flexibility to pursue the broad spectrum of growth opportunities in the UK,” the firm said in a statement. “Twelve months on from entering the UK, the timing is now optimal to accelerate our growth plans in line with our strategy to become a dominant law firm brand in consumer legal services in the UK.”
Slater & Gordon, which has over 1,000 lawyers, held a 2007 initial public offering on the Australian Securities Exchange that helped finance its domestic expansion.
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