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LONDON (Alliance News) - Gateley (Holdings) PLC on Monday said it bought Capitus, a UK specialist tax incentives advisory, for GBP2.7 million in cash and shares, its first acquisition since going public.
In a statement, the AIM-listed commercial law firm said it will pay GBP1.6 million in cash for Capitus, with the remainder to be paid in the form of 1.1 million shares.
Capitus made an operating profit of GBP593,000 on revenue of GBP1.4 million in the year ended June 30, 2015, according to Gateley, which expects the acquisition to provide it with an immediate boost to earnings.
"I am delighted to welcome Capitus to Gateley; its addition to the group is in line with the strategy we outlined at flotation last June, to make selective acquisitions which offer complementary specialist services," Michael Ward, chief executive officer of Gateley said in a statement.
"Capitus is a recognised and highly respected tax incentives advisory business and I am particularly excited by the additional expertise and cross referral opportunities the business will bring to the group," Ward said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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