Frp Advisory Group Share News (FRP)

(ShareCast News) - Professional services provider Fairpoint Group has completed the acquisition of consumer legal services business Colemans-CTTS LLP worth up to £16m.On Monday, the London-listed company announced the cash-and-stock deal, which will be financed with existing cash resources, indicating it expects Colemans to be immediately earnings enhancing on an adjusted basis.Fairpoint said it will pay £8m in cash with a further £1m to be paid through the issue of 755,516 shares priced at 132p each, with a further £7m payable subject to the achievement of certain targets.The group said it expected the deal to be completed on 14 August."The acquisition of Colemans is an important step in the development of the group's fast growing legal services platform," said group chief executive Chris Moat."It brings particular class leading expertise in the areas of volume personal injury, conveyancing and travel services and gives strong impetus to our agenda of reshaping the Group towards a broader professional services organisation."Fairpoint shares were up 3.25% to 136.80p at 0936 BST on Monday.