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LONDON (Alliance News) - Commercial law firm Gateley Holdings PLC on Monday said it has agreed to buy Birmingham-based surveyor Hamer Associates for up to GBP2.1 million in cash and shares.
Gateley will pay GBP1.0 million upfront, split equally between cash and 388,029 Gateley shares. A further GBP1.0 million will be paid based on the performance of Hamer in the two years following completion, with the total consideration capped at GBP2.1 million.
Hamer made GBP292,000 in operating profit on GBP1.2 million in revenue in the year to the end of March.
Hamer is a specialist property consultancy operating across the UK and based in its office in Birmingham. Gateley said the deal will enhance its property-focused offering.
"I am delighted to welcome Hamer Associates to Gateley, the second acquisition we have made post-flotation in our strategy to bring complimentary and specialist services in to the group. Hamer's first-class reputation and acknowledged expertise has generated an impressive list of both private and public-sector clients and we are excited about the new opportunities the acquisition brings to both Hamer and the wider Gateley group," said Michael Ward, Gateley's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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